Comments on: The pros and cons of a 40-year mortgage http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/ Whatever the project—from large-scale renovations to finding the perfect paint colour and stylish accessories—MiltonSearch.com scours the web for tips and advice to help turn your home into your personal haven. Sun, 12 Oct 2008 22:41:46 +0000 http://wordpress.org/?v=2.6.1 By: 20 Year Mortgage Rates http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-294 20 Year Mortgage Rates Fri, 18 Jul 2008 12:25:59 +0000 http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-294 You got master mind on The pros and cons of a 40-year mortgage, that's why you could able to write a article like this, hats off mate - keep up the good work. You got master mind on The pros and cons of a 40-year mortgage, that’s why you could able to write a article like this, hats off mate - keep up the good work.

]]> By: Jim Spence http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-289 Jim Spence Fri, 04 Jul 2008 09:35:25 +0000 http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-289 Friday I was searching for sites that had content for Mortgages but specifically interest rate home mortgage and I found your site. Friday I was searching for sites that had content for Mortgages but specifically interest rate home mortgage and I found your site.

]]> By: Mike Harmon http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-140 Mike Harmon Sun, 20 Apr 2008 13:39:36 +0000 http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-140 I came across your blog on Technorati. Nice site layout. I will stop by and read more soon. Mike Harmon I came across your blog on Technorati. Nice site layout. I will stop by and read more soon.

Mike Harmon

]]> By: J.W. http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-137 J.W. Sun, 20 Apr 2008 13:24:31 +0000 http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-137 No. A 40-year mortgage only encourages people to live in a cycle of debt. My father saw his parents lose their home in the depression. He was adamant that was not going to happen to him. He taught us "live frugally, pay off the mortgage as fast as you can, don't ever let anyone put a debt against your home and once the mortgage is paid you can comfortably enjoy the fruits of your labour." We have adhered to that philosophy and sleep peacefully at night knowing that as long as we pay our property taxes nobody can ever take our home away from us. Too many people want to have it all NOW, the big house, the flashy car(s), expensive holidays without ensuring that they have a secure roof over their heads first, swimming in a sea of debt. Not the way I want to live. No. A 40-year mortgage only encourages people to live in a cycle of debt. My father saw his parents lose their home in the depression. He was adamant that was not going to happen to him. He taught us “live frugally, pay off the mortgage as fast as you can, don’t ever let anyone put a debt against your home and once the mortgage is paid you can comfortably enjoy the fruits of your labour.” We have adhered to that philosophy and sleep peacefully at night knowing that as long as we pay our property taxes nobody can ever take our home away from us. Too many people want to have it all NOW, the big house, the flashy car(s), expensive holidays without ensuring that they have a secure roof over their heads first, swimming in a sea of debt. Not the way I want to live.

]]> By: Deb http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-136 Deb Sun, 20 Apr 2008 13:24:16 +0000 http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-136 As a homeowner, I can relate to the younger generation entering the world of homeownership. Who can afford a mortgage of $300,000 +? Housing costs have risen so much in the last 10 years I cannot fathom what the younger people are going to afford even in the coming years. But paying off a mortgage of this amount in, what, 25 years? Very hard to do, extending it would probably be the only solution. So yes a 40-year mortgage is reasonable. As a homeowner, I can relate to the younger generation entering the world of homeownership. Who can afford a mortgage of $300,000 +? Housing costs have risen so much in the last 10 years I cannot fathom what the younger people are going to afford even in the coming years. But paying off a mortgage of this amount in, what, 25 years? Very hard to do, extending it would probably be the only solution. So yes a 40-year mortgage is reasonable.

]]> By: Bill, Oakville http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-135 Bill, Oakville Sun, 20 Apr 2008 13:24:00 +0000 http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-135 While there are many dangers with a 40-year mortgage, with careful financial planning they can help you get more house sooner. What the article does not point out is that if you are confident that you will be increasing your annual income in the future, a 40-year mortgage could allow you to avoid having to "move-up" to a larger home as your income grows. This could potentially save you thousands of dollars in real estate fees, land transfer tax, etc. Lenders should definitely be allowed to offer these types of mortgages since they have a vested interest in ensuring people can afford such type of mortgages. While there are many dangers with a 40-year mortgage, with careful financial planning they can help you get more house sooner. What the article does not point out is that if you are confident that you will be increasing your annual income in the future, a 40-year mortgage could allow you to avoid having to “move-up” to a larger home as your income grows. This could potentially save you thousands of dollars in real estate fees, land transfer tax, etc. Lenders should definitely be allowed to offer these types of mortgages since they have a vested interest in ensuring people can afford such type of mortgages.

]]> By: Phil http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-134 Phil Sun, 20 Apr 2008 13:23:45 +0000 http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-134 Plain and simple, a 40-year mortgage is just another way of the banks grabbing more money from you. Plain and simple, a 40-year mortgage is just another way of the banks grabbing more money from you.

]]> By: WW http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-133 WW Sun, 20 Apr 2008 13:23:21 +0000 http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-133 When will people realize that these are products that are not in their best interest. Bite me once, shame on you. Bite me twice, shame on me. It is this “I want everything now” attitude that keeps many people from having “anything.” When will people realize that these are products that are not in their best interest. Bite me once, shame on you. Bite me twice, shame on me. It is this “I want everything now” attitude that keeps many people from having “anything.”

]]> By: DJ http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-132 DJ Sun, 20 Apr 2008 13:23:05 +0000 http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-132 Still better than 40 years of rent. Still better than 40 years of rent.

]]> By: jeff http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-131 jeff Sun, 20 Apr 2008 13:22:45 +0000 http://miltonsearch.com/homeandgarden/2008/04/20/the-pros-and-cons-of-a-40-year-mortgage/#comment-131 The 40-year amortization allows buyers to get into the market earlier because the lower monthly payments qualify them for a larger mortgage. By taking a 40-year amortization you are not obligated to pay your mortgage off in 40 years. As the dollar value of your mortgage goes down due to inflation, and your income increases, you may increase your payment amount gradually over time, which will pay the mortgage off more quickly. Most mortgages also have the option of lump-sum payments, which can be exercised on any payment date and are applied directly to the principal balance owing. The 40-year amortization allows buyers to get into the market earlier because the lower monthly payments qualify them for a larger mortgage. By taking a 40-year amortization you are not obligated to pay your mortgage off in 40 years. As the dollar value of your mortgage goes down due to inflation, and your income increases, you may increase your payment amount gradually over time, which will pay the mortgage off more quickly. Most mortgages also have the option of lump-sum payments, which can be exercised on any payment date and are applied directly to the principal balance owing.

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