MortgagesUndressed

January 24th, 2007 | Category: Exposing you to loan programs

Don’t condemn a 50 year loan. Most people refinance, or sell within 7 years. If it makes the payment easier, it is worth it.

Why this photo? Because I like it.

7 Comments so far

Chad January 24th, 2007 6:45 am

As always, the 50 year is a tool that can be used in the right way. There is nothing inherently wrong about any loan as long as the people who recommend it know what they are doing.
Marc Brinitzer January 24th, 2007 7:36 am

It probably wasn’t me you heard, but I’d be in that camp. In my series on Creating Affordable Payments, I demonstrate that 40 and 50 year loans offer little incremental help with payments while costing a lot more. Add to that the fact that 50 year loans are generally subprime loans, and what’s the point?

Interest-only loans are much better.
Larry Cragun January 24th, 2007 8:56 am

Good point both of you. Thanks for your valuable opinions. Lar
Teresa Boardman January 24th, 2007 4:33 pm

I am thinking about 50 year loans. I think that I can not get my mind around that many years so I’ll come back when I am 50 years old because then I’ll have something intelligent to add to the conversation. Larry - if you know anything about women, you will want to be very careful if you choose to respond to this comment.
Larry Cragun January 24th, 2007 6:30 pm

Teresa, I am so careful. Careful enough to project you will be back in 20 years. lar
teresa boardman January 25th, 2007 6:25 am

wow! you are good. I knew there was a reason you recieved the 10 good men award!
Larry Cragun January 25th, 2007 9:44 pm

thank you teresa

You must be logged in to post a comment.