Quote:
Originally Posted by linecook
I will give you one example why. Person buys a house with his girlfriend before the boom, prices skyrocket, she cheats on him, he ends the relationship, he wants to keep the house and has to buy her out. He amortizes over 35 years which allows him to keep the house, he meets a great girl, gets married has kid, has a 35 amoritization but only has 23 years left on mortgage now. Worked out great for him!
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Hey, I think it's great that this CAN happen, I don't believe for a second that this is the norm. It doesn't for one second change the fact that people who drag out a 30-35 year mortgage are paying WAY more in interest just to appease their wants. It's fully within their rights to do so, I am not arguing this, the option was there at the time. I just think that there is too much of a "now" mentality with people today. I would rather not mortgage my future to enjoy a bigger home now.
Personal preference I guess.