1,726,096
It would upend the current affordability quotient and force many into lifetime tenancies which could result in a much higher divorce rate dues to stress
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Peter Testa
Danbury, CT
-
Lyn Sims
Schaumburg, IL
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Carol Williams
Wenatchee, WA
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Kathleen Daniels, Prob...
San Jose, CA
1,513,143
The bank is in business to make money and if two families are buying one home they are losing on one so they will change the rules to fit their needs!
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Annette Lawrence , Pal...
Palm Harbor, FL
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Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
1,153,794
A quick look at automobile financing may tell the story. The 1st new car I bought had a 36 month loan while today I can find many brands offering 7 year loans. Generally speaking mortgages will adapt to what the market wants eventually. My push was always for 12 to 15 year loans and those Buyers are reaping the benefits with very enjoyable early retirements. A 10 year might cramp the style of those venturing into homeownership today.
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Annette Lawrence , Pal...
Palm Harbor, FL
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
5,583,278
the generation of homeowners, whose goal was to have NO MORTGAGE, are in nursing homes or 6' under....
the roof over my head has no mortgage but I do have an investment property with a small one, and it's going to remain that way....
we never see mortgages of less than 30 years today, and theses buyers are capable of 10 or 15 year loans.... they don't want to focus on paying a mortgage every month... they like living!
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Annette Lawrence , Pal...
Palm Harbor, FL
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Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
-
Kevin J. May
Hobe Sound, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
5,217,073
Never gave it much thought. Have seen the normal loan amortization increase since I entered the business. 20 went to 25, 25 to 29, 29 to 30, and a few attempts to increase that to 40. 15 became popular to those who could do it. Have never seen 10 as a popular option!
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Annette Lawrence , Pal...
Palm Harbor, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
-
Kevin J. May
Hobe Sound, FL
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Bob "RealMan" Timm
Minot, ND
5,230,130
I can't imagine that would ever happen, nor would I want my adult children living with me longer than they did!
My grandparents' mortgages were for 30 years - even at the low, low cost of the homes when they bought. I can't see 10 years ever being the norm.
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Annette Lawrence , Pal...
Palm Harbor, FL
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Bob "RealMan" Timm
Minot, ND
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Peter Testa
Danbury, CT
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Carol Williams
Wenatchee, WA
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Lyn Sims
Schaumburg, IL
3,416,038
It would be unaffordable for most buyers, but yes it may help with everything else
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Annette Lawrence , Pal...
Palm Harbor, FL
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
2,390,630
Annette Lawrence , Palm Harbor, FL 727-420-4041 I think things are just fine the way they are.
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Annette Lawrence , Pal...
Palm Harbor, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Peter Testa
Danbury, CT
7,836,431
Multi-generational housing will continue to be popular. Every family has different goals and motivations.
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Annette Lawrence , Pal...
Palm Harbor, FL
-
Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
5,104,931
Not sure what it has to do with family values. I've met very few people who actually stayed in their house 30 years and paid off a mortgage. And as Kathleen Daniels said... highly speculative question... not sure the subject is at the top of my list of things to reflect on today or any day soon.
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Bob "RealMan" Timm
Minot, ND
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Peter Testa
Danbury, CT
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Carol Williams
Wenatchee, WA
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Greg Large
Grove City, OH
1,196,798
It would be nice to be able to afford a 10-year note but most folks need the 30 years or even more to be able to afford their home.
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Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
3,345,091
Highly speculative questions to ponder.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
758,035
If they shrunk the mortgage term down to 10 years I think we'd see less buyers & more short sales for me. While a shorter mortgage term creates greater wealth most people can't handle it.
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Bob "RealMan" Timm
Minot, ND
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Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
469,510
I'm not really tracking with the question. I'm not sure how collective purchasing is tied into real estate or mortgages. I did have to Google what collective purchasing is to try and understand the question so I learned something but I still don't really get what you're getting at with this one.
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Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
1,239,901
Some refugees came here follow the collective mortgage concept. Then the young ones left finding their own nest near by. Every family is different,
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Bob Crane
Stevens Point, WI
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Annette Lawrence , Pal...
Palm Harbor, FL
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Bob "RealMan" Timm
Minot, ND
1,502,998
I don't see how that's possible. People have a hard enough time affording the 30 year mortgage out here. I think a mandatory 10 year cap on a mortgage would price a fair amount of people out.
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Bob "RealMan" Timm
Minot, ND
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Carol Williams
Wenatchee, WA
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Debe Maxwell, CRS
Charlotte, NC
2,178,703
Although I don't think 10 years is realistic at today's prices, collective purchasing could have many financial benefits. Personal and emotional benefits... maybe not so much. It would depend on the individuals involved. And, an exit strategy must be addressed.
Multi-generational housing is certainly a good option for the right family units or whatever collective group wants to buy together.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
2,781,173
There has always been a strength in family or collective movements in general. I have always believed that if one would focus on paying off a mortgage sooner it will get done. If a concentrated joint effort is made, debt-free here we come. However, forcing this issue may rob many of quality of life. I don't like the deadline approach (short loan term) but then many need pressure to operate....
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Annette Lawrence , Pal...
Palm Harbor, FL
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
6,393,609
Some segments of our population do this very successfully.
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Bob Crane
Stevens Point, WI
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Bob "RealMan" Timm
Minot, ND
5,772,575
Annette...too many ifs for me.
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Bob "RealMan" Timm
Minot, ND
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Carol Williams
Wenatchee, WA
1,844,301
Where did you get that ridiculous idea of 10 years?
We did 15 & no one really bites on that. 30 is the norm & don't know or care how it got started.
Collective purchasing has nothing to do with family values I think. It's strictly to pull Mom & Pop into being perpetual baby sitters for the kids. Just because you all live together 'in the shoe' doesn't mean it's bliss. It has to do with finances & that's that.
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Bob "RealMan" Timm
Minot, ND
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Peter Testa
Danbury, CT
417,221
Mortgages are available in every number of years from 5 to 40. IF you want a 9 year loan and can make the payment, great. This feeds into a loan program that I have called a offset mortgage which borrowers have a checking account that deposits pay the daily interest (normal mortgages you are stuck with 30 days) Offset mortgages are typically paid off in 9 years
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Bob "RealMan" Timm
Minot, ND
1,311,397
What makes you imply that families do not buy together now? We have many multi-generational owners in our market. Dad and Mom supply cash although they may not be on the mortgage.
It has not been too long ago that 40 year mortgages came on the scene. Restricting mortgages 10 years does not seem workable when you are talking about the large loans needed to buy many homes.