Aren't they? I was, and still am, offered a 15 year mortgage on my home both on the buying and currently on the possibility of a refinance. If I had a job paying like 10$ more an hour I'd take it even, because it has a much lower rate.
I'm not disagreeing with you guys that 50 is a bad thing, but 15 year ones are pretty commonly available and people just don't do their research to look into getting one because "lower monthly payment" is basically the only thought process people have when buying. The guys financing you aren't going to remind you of the option that loses them a lot of money.
I bought mine about two years ago, when it was at the peak of its retardation, and the option was there and incredibly tempting but just out of reach of my budget.
If I had been a few years earlier and bought during that 2% time frame, it would have been an easy choice.
Well, if the home price is inflated by 300% then you usually can't afford a 15-year. Lol. And what do longer mortgage terms do... inflate the price of housing.
I'm not disagreeing with all the problems, only with his assertion that they don't exist anymore. They absolutely do, people just don't ask or look for them because they simply ask around for lower monthly payments to the exclusion of all possibilities.
Aren't they? I was, and still am, offered a 15 year mortgage on my home both on the buying and currently on the possibility of a refinance. If I had a job paying like 10$ more an hour I'd take it even, because it has a much lower rate.
I'm not disagreeing with you guys that 50 is a bad thing, but 15 year ones are pretty commonly available and people just don't do their research to look into getting one because "lower monthly payment" is basically the only thought process people have when buying. The guys financing you aren't going to remind you of the option that loses them a lot of money.
I have a 15-year, but I bought before the market went total retard.
I bought mine about two years ago, when it was at the peak of its retardation, and the option was there and incredibly tempting but just out of reach of my budget.
If I had been a few years earlier and bought during that 2% time frame, it would have been an easy choice.
Well, if the home price is inflated by 300% then you usually can't afford a 15-year. Lol. And what do longer mortgage terms do... inflate the price of housing.
I'm not disagreeing with all the problems, only with his assertion that they don't exist anymore. They absolutely do, people just don't ask or look for them because they simply ask around for lower monthly payments to the exclusion of all possibilities.