Comments on: Let’s Party Like It’s 1999 http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/ Yeah, I Don't Update - I'm Frikkin Lazy - and UnOriginal Wed, 07 Jan 2009 11:10:21 +0000 http://wordpress.org/?v=2.5.1 By: Jenn http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5507 Jenn Wed, 01 Feb 2006 22:26:45 +0000 http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5507 We like mortgages so much we have two. The second one is a balloon-type so in 15 years there is a big payment due. The rationale for this, according to our mortgage guy, was that the average first-time home buyer only stays in the house for five years. We made sure to go for fixed-rate for both mortgages just so we wouldn't have to worry about rate changes like people are dealing with now, but I admit we caught the market right before rates started going up again. And luckily our mortgage guy was very straightforward about all the loan types and how much we could afford to pay. We like mortgages so much we have two. The second one is a balloon-type so in 15 years there is a big payment due. The rationale for this, according to our mortgage guy, was that the average first-time home buyer only stays in the house for five years.

We made sure to go for fixed-rate for both mortgages just so we wouldn’t have to worry about rate changes like people are dealing with now, but I admit we caught the market right before rates started going up again. And luckily our mortgage guy was very straightforward about all the loan types and how much we could afford to pay.

]]> By: Kin-Shay http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5505 Kin-Shay Wed, 01 Feb 2006 20:29:53 +0000 http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5505 Eventually the value of money goes down, and you windf up getting paid more. So that $1,500 a month that kills you now will be the $500 a month someone who bought a house 15 years ago pays. But you never reach the end, because when it is low enough, and you have equity, you either buy bigger or add on. It contnues that way til your old, relaise the house is too big and go smaller. Or your husband dies and you pay off the remainder with life insurance. Eventually the value of money goes down, and you windf up getting paid more. So that $1,500 a month that kills you now will be the $500 a month someone who bought a house 15 years ago pays.

But you never reach the end, because when it is low enough, and you have equity, you either buy bigger or add on. It contnues that way til your old, relaise the house is too big and go smaller. Or your husband dies and you pay off the remainder with life insurance.

]]> By: Da Kine http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5504 Da Kine Wed, 01 Feb 2006 20:09:02 +0000 http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5504 To be completely honest, I don't know if I'll buy a house until I retire and can be assured of settling in one place for a long time (SE Mass, sucka!). Of course, my peers and I get to retire rather earlier than most. To be completely honest, I don’t know if I’ll buy a house until I retire and can be assured of settling in one place for a long time (SE Mass, sucka!). Of course, my peers and I get to retire rather earlier than most.

]]> By: Jake http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5503 Jake Wed, 01 Feb 2006 15:54:27 +0000 http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5503 Do people get to the end of mortgages anymore? Personally, I have a hard time imagining being in the same house after 30 years. Do people get to the end of mortgages anymore? Personally, I have a hard time imagining being in the same house after 30 years.

]]> By: Kin-Shay http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5502 Kin-Shay Wed, 01 Feb 2006 15:32:20 +0000 http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5502 Fair point, I forgot taxes. We got our end of year statement for the mortgage, and I was horrified that in all we paid, X went to principal, and X times 2 was paid to interest. Plus taxes on top of that. Must be a lot more fun at the end of a mortgage. Fair point, I forgot taxes.

We got our end of year statement for the mortgage, and I was horrified that in all we paid, X went to principal, and X times 2 was paid to interest. Plus taxes on top of that. Must be a lot more fun at the end of a mortgage.

]]> By: Jake http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5501 Jake Wed, 01 Feb 2006 14:06:58 +0000 http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5501 You can deduct your "rent" on your taxes? You can deduct your “rent” on your taxes?

]]> By: Kin-Shay http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5500 Kin-Shay Wed, 01 Feb 2006 02:22:34 +0000 http://corcoranbrothers.com/2006/01/31/lets-party-like-its-1999/#comment-5500 Yah, but now you can pay for your house while paying NO PRINCIPAL! With no principal, your payments are in HALF! That's genius! BTW - I have a case of snake oil if anyone needs a bottle. Whats the difference between a no principal loan and paying rent? Yah, but now you can pay for your house while paying NO PRINCIPAL! With no principal, your payments are in HALF! That’s genius!

BTW - I have a case of snake oil if anyone needs a bottle.

Whats the difference between a no principal loan and paying rent?

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