Comments on: 40 Year Mortgages – More Popular http://www.moneysmartsblog.com/long-term-mortgages/ Investing and Personal Finance Fri, 10 Feb 2012 14:34:49 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Link roundup: Big edition | Mighty Bargain Hunter http://www.moneysmartsblog.com/long-term-mortgages/comment-page-1/#comment-6284 Link roundup: Big edition | Mighty Bargain Hunter Mon, 02 Jun 2008 07:34:17 +0000 http://www.moneysmartsblog.com/long-term-mortgages/#comment-6284 [...] Quest for Four Pillars isn’t too keen on 40-year mortgages. [...] [...] Quest for Four Pillars isn’t too keen on 40-year mortgages. [...]

]]> By: Four Pillars http://www.moneysmartsblog.com/long-term-mortgages/comment-page-1/#comment-6248 Four Pillars Sat, 31 May 2008 03:41:57 +0000 http://www.moneysmartsblog.com/long-term-mortgages/#comment-6248 Ron - true, if someone is moving every 5-10 years and changing the amount of the mortgage then the amortization is fairly irrelevant. Mike Ron – true, if someone is moving every 5-10 years and changing the amount of the mortgage then the amortization is fairly irrelevant.

Mike

]]> By: Ron@TheWisdomJournal http://www.moneysmartsblog.com/long-term-mortgages/comment-page-1/#comment-6247 Ron@TheWisdomJournal Fri, 30 May 2008 23:34:08 +0000 http://www.moneysmartsblog.com/long-term-mortgages/#comment-6247 Why stop at 40 year, why not 50 or 60 or 100? People rarely live in a home more than 7 years anyway... Why stop at 40 year, why not 50 or 60 or 100? People rarely live in a home more than 7 years anyway…

]]> By: Mr. Cheap http://www.moneysmartsblog.com/long-term-mortgages/comment-page-1/#comment-6213 Mr. Cheap Thu, 29 May 2008 16:19:27 +0000 http://www.moneysmartsblog.com/long-term-mortgages/#comment-6213 Rob: Gotcha, thanks for clarifying! Rob: Gotcha, thanks for clarifying!

]]> By: Canadian Mortgage Trends http://www.moneysmartsblog.com/long-term-mortgages/comment-page-1/#comment-6211 Canadian Mortgage Trends Thu, 29 May 2008 15:01:56 +0000 http://www.moneysmartsblog.com/long-term-mortgages/#comment-6211 Hi Mr. Cheap, Just to clarify... There are some lenders that won't allow you to get a 40-year amortization unless you qualify for a 25-year. There are others that let people qualify with a 40-year am. For better or worse (we're not big fans of it), this is done regularly to get people into a mortgage they could otherwise not afford. This is why 40-year ams have propped up the real estate market like they have. Cheers, Rob Hi Mr. Cheap,

Just to clarify…

There are some lenders that won’t allow you to get a 40-year amortization unless you qualify for a 25-year.

There are others that let people qualify with a 40-year am. For better or worse (we’re not big fans of it), this is done regularly to get people into a mortgage they could otherwise not afford. This is why 40-year ams have propped up the real estate market like they have.

Cheers,
Rob

]]> By: Mr. Cheap http://www.moneysmartsblog.com/long-term-mortgages/comment-page-1/#comment-6199 Mr. Cheap Wed, 28 May 2008 23:51:46 +0000 http://www.moneysmartsblog.com/long-term-mortgages/#comment-6199 Weird. I think Canadian Mortgage Trends recently said that the only way to get a 40 year amortization was if you were approved for a 25 (i.e. what happened to you wasn't possible). Guess it is! :-) Good for you for attacking it aggressively in any case! Weird. I think Canadian Mortgage Trends recently said that the only way to get a 40 year amortization was if you were approved for a 25 (i.e. what happened to you wasn’t possible). Guess it is! :-)

Good for you for attacking it aggressively in any case!

]]> By: agatha http://www.moneysmartsblog.com/long-term-mortgages/comment-page-1/#comment-6197 agatha Wed, 28 May 2008 22:24:42 +0000 http://www.moneysmartsblog.com/long-term-mortgages/#comment-6197 Mr. Cheap: Well, when I applied for my mortgage I was not approved for a 25-year loan and the only option would be the 40-year one. When I signed the papers at the bank I asked for weekly payments because I prefer like that, they told me about the accelerated option and it was not too much more. So I did that and the mortgage period went down right away. :-) Mr. Cheap: Well, when I applied for my mortgage I was not approved for a 25-year loan and the only option would be the 40-year one. When I signed the papers at the bank I asked for weekly payments because I prefer like that, they told me about the accelerated option and it was not too much more. So I did that and the mortgage period went down right away.
:-)

]]> By: Mr. Cheap http://www.moneysmartsblog.com/long-term-mortgages/comment-page-1/#comment-6195 Mr. Cheap Wed, 28 May 2008 20:59:29 +0000 http://www.moneysmartsblog.com/long-term-mortgages/#comment-6195 Agatha: Good point, however what makes you say you couldn't afford a 25 year mortgage if you were able to afford the accelerated payments? The fear for 40 year mortgages are people who have to stretch to make the normal payments on it. If you can easily afford more then the monthly payments, then you're right, a 40 year mortgage is a safe, reasonable option. Congrats on pulling down your amortization period so dramatically! Agatha: Good point, however what makes you say you couldn’t afford a 25 year mortgage if you were able to afford the accelerated payments? The fear for 40 year mortgages are people who have to stretch to make the normal payments on it. If you can easily afford more then the monthly payments, then you’re right, a 40 year mortgage is a safe, reasonable option.

Congrats on pulling down your amortization period so dramatically!

]]> By: Jeff http://www.moneysmartsblog.com/long-term-mortgages/comment-page-1/#comment-6190 Jeff Wed, 28 May 2008 18:15:51 +0000 http://www.moneysmartsblog.com/long-term-mortgages/#comment-6190 My spouse and I are looking at building a home and will probably get a 40 year mortgage to do so. The mortgage will likely be in my name only as my Wife is only currently working part time and has student debt to deal with. However, I do intend to do some sort of accelerated payment plan and my Wife is planning on finding more steady work. I don't look at owning a home as a financial investment. Renting where I live has become more difficult and more expensive. All I want is a stable environment for my family and I will do whatever I need to do to achieve that. My spouse and I are looking at building a home and will probably get a 40 year mortgage to do so.

The mortgage will likely be in my name only as my Wife is only currently working part time and has student debt to deal with. However, I do intend to do some sort of accelerated payment plan and my Wife is planning on finding more steady work.

I don’t look at owning a home as a financial investment. Renting where I live has become more difficult and more expensive. All I want is a stable environment for my family and I will do whatever I need to do to achieve that.

]]> By: Vacations: Flights, Camping, Gas Prices and More! http://www.moneysmartsblog.com/long-term-mortgages/comment-page-1/#comment-6184 Vacations: Flights, Camping, Gas Prices and More! Wed, 28 May 2008 13:31:44 +0000 http://www.moneysmartsblog.com/long-term-mortgages/#comment-6184 [...] 40 Year Mortgages - More Popular at Quest for Four Pillars [...] [...] 40 Year Mortgages – More Popular at Quest for Four Pillars [...]

]]>