MAGA plan to make Americans into serfs.. the 50 year mortgage

[Indus]

Trump proposes 50-year mortgage to help affordability

Trump supports 50-year mortgages to lower monthly payments, but longer terms reduce equity and aren't supported under current mortgage rules.

www.housingwire.com

30 year on 500k house:You pay $419,000 in interest
50 year on 500k house:$700,000+ in interest

Now you'll never escape and your kids will have to pay as well - interest and capital gains taxes whenever they sell!

MAGA the gift that keeps on giving LOL!

 

[Greenman]

Might be a viable plan for some. The other option is to live where homes cost less.

 

[Fenixgoon]

Might be a viable plan for some. The other option is to live where homes cost less.

That's easy when your income is high and you move from a high CoL area to a low one - exactly my current situation right now.

But if you're in a large metropolitan area, the only answer to reduce housing prices is to increase the supply, because incomes generally arent going to keep pace.

As far as "why not move to the low CoL area to begin with" that is because of limited economic opportunity. Are there more job opportunities in NYC, Los Angeles, and Austin, or where you live now?

 

[Indus]

Might be a viable plan for some. The other option is to live where homes cost less.

Here's some simple math:

If you’re paying $2,500 a month on a 30-year mortgage, switching to a 50-year term would lower it to around $2,250.

That means you’d stay a slave to the banks for 20 extra years just to save 250 bucks a month.

Don't believe me.. do the calculations yourself!

 

[Jaskalas]

Slavery is a valid option if it keeps a roof over your head.
/MAGA Nazi, probably

 

[Oric]

50 years bets on the continuity of humanity

 

[KMFJD]

the magats are also not amused

https://bsky.app/profile/did%3Aplc%3Aepaevbr2bz5t7dokjwb4cyjv%2Fpost%2F3m56cg6xluc2a

 

[pauldun170]

This is 100% NOT altruistic and the motivation for this is NOT about affordability.

Everyone needs to look into some of the predatory investment bros from the shenanigans that led to the 2008 mortgage crisis and you'll see the purpose of this..

This is beyond fucked up.

Stop looking at this from borrorwers perspective and look at this from the finance/real estate investment side.

The game plan for this crap comes from a bad place and the goals are truly evil and disastrous for society

 

[Greenman]

Here's some simple math:

If you’re paying $2,500 a month on a 30-year mortgage, switching to a 50-year term would lower it to around $2,250.

That means you’d stay a slave to the banks for 20 extra years just to save 250 bucks a month.

Don't believe me.. do the calculations yourself!

While you and I wouldn't do it, lots of people will. It's an extra $250 a month to spend on other junk. That $250 might be enough to get the heated massage seats in the $90k SUV they want, or automate their homes so they can turn off the lights from another country that they can't afford to visit with their $1200 smart phone.
Consumerism is limitless, it's insidious, and a lots of people love the joy of a new purchase.
So yeah, I see people doing this.

Edit: People are buying cars at 32% interest, another 20 years on the home loan won't be a big reach.

 

[Brainonska511]

Edit: People are buying cars at 32% interest, another 20 years on the home loan won't be a big reach.

Sometimes, people should be protected from themselves, lest parasites latch on with a slick sales pitch and trap them in debt forever.

Might be a viable plan for some. The other option is to live where homes cost less.

Yeah, sorry, people aren't moving to Gary, IN. Why move to a place if there is no jobs and little socioeconomic support?

 

[brycejones]

While you and I wouldn't do it, lots of people will. It's an extra $250 a month to spend on other junk. That $250 might be enough to get the heated massage seats in the $90k SUV they want, or automate their homes so they can turn off the lights from another country that they can't afford to visit with their $1200 smart phone.
Consumerism is limitless, it's insidious, and a lots of people love the joy of a new purchase.
So yeah, I see people doing this.

Edit: People are buying cars at 32% interest, another 20 years on the home loan won't be a big reach.

How to tell us you let Fox shit into your brain all day without telling us.

 

[Greenman]

Sometimes, people should be protected from themselves, lest parasites latch on with a slick sales pitch and trap them in debt forever.


Yeah, sorry, people aren't moving to Gary, IN. Why move to a place if there is no jobs and little socioeconomic support?

Then you stay in a place where there are jobs and plenty of support, and pay whatever price that location commands.
Fyi, there are jobs everywhere there are people. I'm retired and found myself looking at a couple of simple businesses with startup costs under $2k, assuming you already own a truck. It would be fun to start one up, but then it becomes a job and I don't want one right now.

 

[Greenman]

How to tell us you let Fox shit into your brain all day without telling us.

Why is it that you're incapable of having a discussion? What makes you think your so superior that all you have to do is shit on anyone that dares not to think the way you do?
Just so we're clear on this, you're an idiot that spouts foolish garbage and thinks it has value. You're a fool.

 

[Pontius Dilate]

While you and I wouldn't do it, lots of people will. It's an extra $250 a month to spend on other junk. That $250 might be enough to get the heated massage seats in the $90k SUV they want, or automate their homes so they can turn off the lights from another country that they can't afford to visit with their $1200 smart phone.
Consumerism is limitless, it's insidious, and a lots of people love the joy of a new purchase.
So yeah, I see people doing this.

Edit: People are buying cars at 32% interest, another 20 years on the home loan won't be a big reach.

You seem to recognize that it’s a bad idea that will just be another weapon predatory lenders wield against low-income low-education people to trap them in the debt cycle. Why is your reaction, “I can see people falling for that” instead of, “That’s an objectively bad idea that we as a society shouldn’t pursue”?

 

[K1052]

You seem to recognize that it’s a bad idea that will just be another weapon predatory lenders wield against low-income low-education people to trap them in the debt cycle. Why is your reaction, “I can see people falling for that” instead of, “That’s an objectively bad idea that we as a society shouldn’t pursue”?

Because fundamentally he does not care what happens to anybody besides himself beyond being able to feel superior.

 

[Greenman]

You seem to recognize that it’s a bad idea that will just be another weapon predatory lenders wield against low-income low-education people to trap them in the debt cycle. Why is your reaction, “I can see people falling for that” instead of, “That’s an objectively bad idea that we as a society shouldn’t pursue”?

It's a terrible idea that may very well come to pass. There are plenty of people that want to live in a specific area and are willing to do nearly anything to make it happen. Housing prices in some areas are proof of that. Dual incomes are almost a necessity to own a home these days and it's pretty much accepted as normal.
I don't know if, where, or how it all ends, but there is no doubt it's insane.

 

[Brainonska511]

The solution to help people in affording housing in expensive locations is to allow greater housing density and people to build a lot more. "Move to bumblefuck" is not a solution.

 

[Greenman]

Because fundamentally he does not care what happens to anybody besides himself beyond being able to feel superior.

There we go with the stupid again. You don't agree with me and decide that a personal insult is the correct answer. What annoys me about that is that it's empty bravado, you absolutely would not say that to my face. Your bravery come's from anonymity and I find that very off putting.

 

[Indus]

It's not stupid to call a defender of MAGA policies a MAGA brown noser.

If it walks like a duck, swims like a duck and quacks like a duck, its probably a duck!

 

[K1052]

There we go with the stupid again. You don't agree with me and decide that a personal insult is the correct answer. What annoys me about that is that it's empty bravado, you absolutely would not say that to my face. Your bravery come's from anonymity and I find that very off putting.

I feel like I've accurately described your viewpoint as deeply selfish. Oh you think I've never criticized somebody in person before? Lol, ok.

 

[Greenman]

The solution to help people in affording housing in expensive locations is to allow greater housing density and people to build a lot more. "Move to bumblefuck" is not a solution.

How can there be affordable housing in expensive locations? The land will be expensive, construction will cost more because wages will be higher and the people building the "affordable" housing will live in the expensive area. Insurance costs will be expensive, fuel and material will be expensive. You can't build where everything is expensive and end up at affordable.

I spent most of my life building in expensive areas, I bid the jobs, I hired the workers, I paid the insurance premiums, I bought the material and I wrote all the checks. I know a little about it.

 

[Brainonska511]

How can there be affordable housing in expensive locations? The land will be expensive, construction will cost more because wages will be higher and the people building the "affordable" housing will live in the expensive area. Insurance costs will be expensive, fuel and material will be expensive. You can't build where everything is expensive and end up at affordable.

I spent most of my life building in expensive areas, I bid the jobs, I hired the workers, I paid the insurance premiums, I bought the material and I wrote all the checks. I know a little about it.

If only we could somehow stack housing on the same piece of land.

Other cities have managed to do it.

 

[Fenixgoon]

How can there be affordable housing in expensive locations? The land will be expensive, construction will cost more because wages will be higher and the people building the "affordable" housing will live in the expensive area. Insurance costs will be expensive, fuel and material will be expensive. You can't build where everything is expensive and end up at affordable.

I spent most of my life building in expensive areas, I bid the jobs, I hired the workers, I paid the insurance premiums, I bought the material and I wrote all the checks. I know a little about it.

Say it with us - density.

You dont build single family homes with minimum 1acre lots. You build something more like 800-1500 sq ft condos. Very livable and can be made very dense both vertically and horizontally.

 

[K1052]

You dont build single family homes with minimum 1acre lots. You build something more like 800-1500 sq ft condos. Very livable and can be made very dense both vertically and horizontally.

What you build it out of and how you build it is just as important. Multifamily living in much of the US sucks ass because of building codes which essentially make that the case. Our shitass stick over podium stuff with double loaded corridors is a terrible product compared to what virtually everybody else on the planet builds.

 

[zinfamous]

There we go with the stupid again. You don't agree with me and decide that a personal insult is the correct answer. What annoys me about that is that it's empty bravado, you absolutely would not say that to my face. Your bravery come's from anonymity and I find that very off putting.

I find it very off-putting how you happily and proudly support pedophiles and rapists.

Why is it that you are so comfortable with pedophiles making laws? Do you think that would lead to actual justice? Why do you like pedophiles so much?