Quote:
Originally Posted by amorak
They had such thing as 40 year mortgages here?!?!? 
You'd likely be retired and still be paying off your house, wow!!! |
Not as bad as England....50 year mortgages IIRC...this was a few years back though and maybe they have also changed their system...30 years makes more sense as most people should be buying their first home by the time they are 25 and then they can hit "Freedom 55" without a mortgage. People will have to be more responsible with their money and expectations and the sense of entitlement may need to be reigned in. The debt ratios show that the current system wasn't working and it is likely a case of the government seeing a balloon slowly inflating to the point where they felt the need to reach over and pinch it before it became an even greater problem. First time home buyers should actually wait it out ...there will come a time when prices will be much lower than they are today.....Use "The Dent Method" to your advantage....These changes will just play into these trends....