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Originally Posted by AFireInside
How do we even know this since 35 year mortgages and these higher prices have only been around for a couple years.
It's much easier to pay off a house early if you only paid 185,000 for it....
I have a VERY hard time seeing many of those who bought houses with a 40 year 0 down mortgage paying anything off early. A few years, sure... They may pay it off in 32 years doing bi weekly payments or something, like that, but thats still 32 years.
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We really don't know; it's all just speculating I guess until a change actual does come. I think small downpayments "0-5%" are a much bigger issue than the amortization period personally.
I'd be happy of new rules brought in restrictions to a minimum 10% down.
Quote:
Originally Posted by AFireInside
Kind of weird... But if you are buying a million dollar property, you're probably not as worried about timing the market. If you're looking at spending a mil, you would probably just look until you found the place you want...
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Also, if the market has come down a certain percent; that proportion is biggest for the more expensive homes.
Maybe those buyers think they're saving hundreds of thousands by buying now and are expecting prices to come back up within the next couple of years.