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What's the Difference Between a 30 & 40 Year Mortgage?
Manage episode 436728667 series 3039481
Вміст надано Scott Carson. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Scott Carson або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
What's the big deal between these two loan products?
We've all heard how expensive it is to buy a home in this crazy market. There is some discussion among policymakers and politicians to make the dream of home ownership more affordable by making the 40-year mortgage a common practice. Banks and government entities like Freddie and Fannie have often used a 40-year mortgage as a way for lenders to avoid borrowers going to foreclosure by stretching out the payments.
What are the differences between a 30 and 40-year mortgage? Is there a big difference in monthly savings? Will more people be able to afford homes? Does it make a huge difference for the average American? Do note buyers like this idea?
In this episode, Scott Carson breaks down the numbers on an apples vs apples basis and you'll learn:
-When and how the 30-year mortgage became common.
-The difference in monthly payment between the two terms.
-The difference in mortgage balance in 7 & 10 years between the two.
-How much do you need to make annually to afford either loan product on the same home?
-How much equity will you build over 7 & 10 years given a constant rate of home appreciation?
-How note investors adjust their bids when buying longer-term mortgages.
Watch the original video HERE!
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