Political Discussion

Wow. I was just reading discussion about how 60-90 year mortgages are a thing now and that this is what's helping driving the housing market boom right now in addition to the low interest rates.

But I just see warning alarms here. One that housing has gotten so expensive crazy lifelong mortgages are a thing. I guess giving true meaning to name "mortgage". And next, this will only be an excuse for prices to climb even further so people can capitalize on the most money they can get on their sale.
 
RenegadeMonster said:
Wow. I was just reading discussion about how 60-90 year mortgages are a thing now and that this is what's helping driving the housing market boom right now in addition to the low interest rates.

But I just see warning alarms here. One that housing has gotten so expensive crazy lifelong mortgages are a thing. I guess giving true meaning to name "mortgage". And next, this will only be an excuse for prices to climb even further so people can capitalize on the most money they can get on their sale.
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I just got off the phone with the mortgage guy from my credit union. He said the average lifespan of a loan is 5-7 years. People are either selling or refinancing. The idea of paying off a home is done. It seems that the benefits of having a mortgage is that you are paying towards an asset rather than a liability.

When my housing situation changes I’m going with a 7 year fixed to get a lower interest rate which allows me to pay off more principal. I’ll be moving or refinancing by that time term ends.
 
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Dtknuckles said:
I just got off the phone with the mortgage guy from my credit union. He said the average lifespan of a loan is 5-7 years. People are either selling or refinancing. The idea of paying off a home is done. It seems that the benefits of having a mortgage is that you are paying towards an asset rather than a liability.

When my housing situation changes I’m going with a 7 year fixed to get a lower interest rate which allows me to pay off more principal. I’ll be moving or refinancing by that time term ends.
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So like, the payment is gonna be huge? Take a 200k house with 2k annual taxes and insurance. Let's say 2% APR. These are all modest values still putting you at or over 2.5k a month payment. I will go out on a limb here and say that if you can afford that you're probably not looking at such modest numbers to begin.
 
I guess it depends where you live.

Housing is so expensive around here most mortgages are not going to be less than 15 years. And most people refinance to 30 or 45 years.
 
debianlinux said:
So like, the payment is gonna be huge? Take a 200k house with 2k annual taxes and insurance. Let's say 2% APR. These are all modest values still putting you at or over 2.5k a month payment. I will go out on a limb here and say that if you can afford that you're probably not looking at such modest numbers to begin.
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I’m guessing he means longer term but taking a deal where your rate is fixed for the first 7 years rather than a 7 year term that’s entirely fixed. I tend to do similar but go for shorter fixed terms and renew to lower my potential costs if my circumstances change and I need to break the fixed.
 
debianlinux said:
So like, the payment is gonna be huge? Take a 200k house with 2k annual taxes and insurance. Let's say 2% APR. These are all modest values still putting you at or over 2.5k a month payment. I will go out on a limb here and say that if you can afford that you're probably not looking at such modest numbers to begin.
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That is not the payment he quoted me for 300k. Maybe there is some confusion. It’s not a 7 year loan. It’s 7year fixed interest but it’s variable for the the remainder of the loan. I’ll be getting out of the loans before that though. The payments were around $1500 + HOA.
 
Dtknuckles said:
That is not the payment he quoted me for 300k. Maybe there is some confusion. It’s not a 7 year loan. It’s 7year fixed interest but it’s variable for the the remainder of the loan. I’ll be getting out of the loans before that though. The payments were around $1500 + HOA.
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Yeah I was reading that as you taking out a 7 year loan, you can see why I was a bit incredulous.
 
Dtknuckles said:
I guess I thought that by saying that nobody pays off their mortgage it was understood that the loan extended past the fixed interest term.
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I thought your flex was something like, "all these idiots never get their shit paid cause they have 30 years to lollygag, imma cut the dillydally and get that shit over with so I can move on in life".
 
debianlinux said:
I thought your flex was something like, "all these idiots never get their shit paid cause they have 30 years to lollygag, imma cut the dillydally and get that shit over with so I can move on in life".
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Hardly, I wish I could do that. Mine was more like, these people thinking they are going to be in a house/loan for 30 years. They could have gotten a lower rate if they would have gotten a fixed term and gotten rid of the loan or house when that term was up. Keep in mind I was a 30year guy before talking to the loan officer today. Having a family and buying a house really sped up my understanding of finance. I wish I would have known more at a younger age. I would have been in a better position now.
 
Dtknuckles said:
Hardly, I wish I could do that. Mine was more like, these people thinking they are going to be in a house/loan for 30 years. They could have gotten a lower rate if they would have gotten a fixed term and gotten rid of the loan or house when that term was up. Keep in mind I was a 30year guy before talking to the loan officer today. Having a family and buying a house really sped up my understanding of finance. I wish I would have known more at a younger age. I would have been in a better position now.
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Honestly 11 years in and all having a mortgage has taught me is that being on the cheapest type of mortgage for a house is an elaborate game of chance. You just have to make sure you can afford and do the best deal you can at the time and hope the wheel spins in your favour.
 
www.cnn.com

Analysis: How Republicans could still screw up the best political environment in 30 years

Mitch McConnell is feeling pretty good right about now.
www.cnn.com www.cnn.com

During an appearance at the Kentucky Chamber of Commerce on Tuesday, the Senate minority leader said that the "atmosphere for Republicans is better than it was in 1994," when the party won control of both the House and Senate in a wave election. "From an atmospheric point of view, it's a perfect storm of problems for Democrats because it's an entirely Democratic government," added McConnell.
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Please no
 
nolalady said:
When Democrats refuse to follow through with their campaign promises because it would piss off their billionaire donors, it's really hard for a life long liberal to vote Democrat.
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But not voting just makes things worse =(

I agree, I hate voting for the lesser of two evils and feel jaded myself. We need real change.
 
Both Finland and Sweden are considering joining NATO. The invasion of Ukraine has really accelerated that movement as the two countries no longer want to be neutral and want the support of allies.

Putin of course is promising dire consequences should they join NATO and threatened to bring Nuclear weapons into the Baltic.
 
RenegadeMonster said:
Both Finland and Sweden are considering joining NATO. The invasion of Ukraine has really accelerated that movement as the two countries no longer want to be neutral and want the support of allies.

Putin of course is promising dire consequences should they join NATO and threatened to bring Nuclear weapons into the Baltic.
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It's pretty obvious that a NATO membership is all that saves you from a potential Russian attack
 
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