One of the ways to keep your monthly mortgage low, especially if you are in a state like California, is to opt for a 50 year mortgage. Click on the post for the story in USA Today.
I wonder if this will also mean that sellers could opt for a 50 year contract for deed. That would really be interesting.
I can see also the 10 year car loan, with the car at 100,000 miles at the end of three years with 7 years to go in the payments. This may be why the Chinese are throwing away their bicycles for cars, and the Americans are throwing away their cars for bicycles. Now we just need a few more bike trails. Hwy 14 is a pretty rough bike ride.
Stay tuned.
Thursday, May 11, 2006
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I am sorry and I think just irresponsible to offer or take out a 50 year mtg. The same thing with veh, we never go over 3 yrs to pay for our veh, or you owe more than its worth by the time you make the last payment. People need to leave within their means and not try to stretch their money by paying for things over long period of time.
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