A 50 year Mortgage? - Page 2 Ages & Stages

NicholeMatthew · 05-10-06, 11:54 AM

I would possibly consider it. Knowing the changes that would take place in 5 years (graduating from school hopefully getting a job) I would be able to get a nicer house for a lower cost. Then I could pay extra twords principle and not interest~ and it would far outweigh renting. Starting next month we will pay $625/mo renting, and we could buy a house with that much, it is just the houses aren't in the best area. If I could get a bigger nicer house (120,000-150,000 vs 79,900 ) then I could still be in the good school district which would just be a huge relief. Again, I would refinance after 5 years or move depending on where I got a job. But at least I would not be tossing my money completely away. Building equity even if slowly.

AmyM · 05-10-06, 12:10 PM

I was going to mention the house prices going up. In California, you can nearly guarantee that your equity will increase just by prices going up. There are always reasons for doing things. You just have to choose the best situation for you.

Bethann73 · 05-10-06, 12:15 PM

Heck no.. But now I can understand how these young people with 2 kidsand a SAHM can afford the $500,000 houses being built around here..

savannah33 · 05-10-06, 12:35 PM

I see now too Beth I always wondered what they were doing for a living.

Pumkin · 05-10-06, 01:06 PM

Yeah, I don't think it is the ideal situation and if I could avoid it then I wouldn't do it. However, that is the only way some people can aford a mortgage payment on a house in a decent area. It really stinks but I guess you just do what you have to do