))
What's the Difference Between a 30 & 40 Year Mortgage?
Manage episode 436728667 series 3039481
Scott Carson에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Scott Carson 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.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!
Love the show? Subscribe, rate, review, and share!
Join the Note Closers Show community today:
606 에피소드
공유
