The 40 Year Mortgage Trap To Keep You Poor
I remember when I thought taking 5 years to payoff a car was a long time, and then I heard about my grandpas 30 years mortgage. Then I heard about people not being able to afford a home, and now we’re talking about 40 year mortgages
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Here are all the cons
News: the fha has approved 40 years mortgages and if you have an fha under certain circumstances you can change to a 40 year ( modification option )
You pay more interest
It’s a non qualified mortgage
look out for ballon payments
Benefit are lower payments
This is going to attract more buyers, those increase the price potentially
Example
$600k 30 yr/7% - $3991 mo. pmt - total 1.4M
$600k 40yr/7% - $3728 mo. pmt - total 1.8M
Savings of less than $300 per month and you pay an extra $400k for the extra 10 years.
What would I personally do:
I wouldn’t get a mortgage past 15 years
Any home that’s more than 33% of the mortgage, I can’t afford
The goal is not to get into a home, the goal to own a home
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
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