If you don't have a 15 year mortgage, you're living beyond your means?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We refinanced to a 2.875% 30 year conforming mortgage during the first year of the pandemic. It's still a great decision because there are very few areas where we can get that kind of leverage and invest the rest in the stock market. Oh and we have a PITI ~$3K and nearly $1 million in home equity ($1.5 million home). With inflation where it is, having low cost, long term fixed debt is a great "investment". Right now, I can invest our cash in a high earning account! It has nothing to do with living beyond our means. It's the equivalent of shorting Treasuries.

I’m one that is absolutely in favor of the 15 year route. That being said, well played…assuming you’re being truthful. I refinanced with a cash-out refinance mortgage from a 15 year to a 30 year with the sole objective of having money to invest in growth equities post-COVID crash. My monthly payment didn’t change, but I walked away with more than $1M in cash that I turned around and invested in the market a few months back. Portfolio is already up from $1M to $1.7M.

I'm the PP. I think a 15 year is fine but it reduces your flexibility and only provided 40-50 bps of interest rate savings relative to a 30-year (at least at the time I was considering a refi). For some, a 15-year is a good way to create forced savings if you lack discipline elsewhere in your financial budget. While I could save a little on interest, I figured having the flexibility to accelerate the paydown on a 30-year (to make it a 15) was better optionality. However, since inflation spiked, I've stopped all prepayments. I am happy to make my minimum fixed payment each month and if inflation continues at an elevated rate, it will look better and better with time That's our only debt and with a PITI of ~$3K, it's lower than we'd ever get for an equivalent apartment in our area of Montgomery County.

Our 15 year payment was lower than the 30 we originally had when we refinanced as the interest rate was lower. We always pay extra to principal. Cannot wait to pay it off.

Why? If it's a good rate, you're better served saving the excess cash and using it to invest in the market long term. For us, paying a 2.875% interest rate that is also tax deductible is much lower than the long-term return on other investments. I get that there is a psychology benefit to being completely debt free. However, "good" debt with modest leverage can actually enhance your returns.

It’s not really tax deductible depending on how much you pay in interest. We don’t see any benefit in our taxes. We also max out retirement, good amount in college funds and integer. Why not do it all? Out interest at this point Is a few hundred a month. Why not pay it off and take the entire payment and invest!

OK PP, I agree with you that if you have unlimited funds, you should not have a mortgage.

Seriously, it's a stupid question if you have so much money that you don't need to finance a home. That said, even the ultra wealthy use low cost debt to finance real estate, private equity, and even their market equity investments. Berkshire and other insurance companies do the same with float on liabilities because it enhances returns. I don't see what is so hard to understand. OP and the PP just don't like the fact that paying down debt isn't always a good investment strategy.

Actually, I think it’s more like OP and PP don’t like the fact that so many people in DMV are taking out unnecessarily large and long duration mortgages to advance their own financial positions at the expense of MC and UMC people that truly depend on these financial instruments. While honest, hardworking people were struggling to get the attention of loan officers and underwriters, the D.C. elite rich was monopolizing all available bandwidth and funds at the banks and, in turn, driving demand and available rates into an upward spiral.

I’m not willing to borrow more money than I need just because I can and because it’s best for me me me. These smug 30 year advocates are the same ones that emptied grocery stores in early 2020; stocked their homes with toilet paper, hand cleaner, and face masks so none was available to those in need; and hoarded and stockpiled 55 gallon drums of gasoline when the colonial pipeline was hacked in 2021. Absolutely disgusting. And you’re all on here bragging about your lack of moral compass. It’s amazing how much more wealth you can create when you’re willing to take opportunities away from the less fortunate in our society.

Is there a limited supply of 30 year mortgages? This makes no sense. Rates are driven by the gap between how much a bank can make investing the money vs. lending it, not supply and demand.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We refinanced to a 2.875% 30 year conforming mortgage during the first year of the pandemic. It's still a great decision because there are very few areas where we can get that kind of leverage and invest the rest in the stock market. Oh and we have a PITI ~$3K and nearly $1 million in home equity ($1.5 million home). With inflation where it is, having low cost, long term fixed debt is a great "investment". Right now, I can invest our cash in a high earning account! It has nothing to do with living beyond our means. It's the equivalent of shorting Treasuries.

I’m one that is absolutely in favor of the 15 year route. That being said, well played…assuming you’re being truthful. I refinanced with a cash-out refinance mortgage from a 15 year to a 30 year with the sole objective of having money to invest in growth equities post-COVID crash. My monthly payment didn’t change, but I walked away with more than $1M in cash that I turned around and invested in the market a few months back. Portfolio is already up from $1M to $1.7M.

I'm the PP. I think a 15 year is fine but it reduces your flexibility and only provided 40-50 bps of interest rate savings relative to a 30-year (at least at the time I was considering a refi). For some, a 15-year is a good way to create forced savings if you lack discipline elsewhere in your financial budget. While I could save a little on interest, I figured having the flexibility to accelerate the paydown on a 30-year (to make it a 15) was better optionality. However, since inflation spiked, I've stopped all prepayments. I am happy to make my minimum fixed payment each month and if inflation continues at an elevated rate, it will look better and better with time That's our only debt and with a PITI of ~$3K, it's lower than we'd ever get for an equivalent apartment in our area of Montgomery County.

Our 15 year payment was lower than the 30 we originally had when we refinanced as the interest rate was lower. We always pay extra to principal. Cannot wait to pay it off.

Why? If it's a good rate, you're better served saving the excess cash and using it to invest in the market long term. For us, paying a 2.875% interest rate that is also tax deductible is much lower than the long-term return on other investments. I get that there is a psychology benefit to being completely debt free. However, "good" debt with modest leverage can actually enhance your returns.

It’s not really tax deductible depending on how much you pay in interest. We don’t see any benefit in our taxes. We also max out retirement, good amount in college funds and integer. Why not do it all? Out interest at this point Is a few hundred a month. Why not pay it off and take the entire payment and invest!

OK PP, I agree with you that if you have unlimited funds, you should not have a mortgage.

Seriously, it's a stupid question if you have so much money that you don't need to finance a home. That said, even the ultra wealthy use low cost debt to finance real estate, private equity, and even their market equity investments. Berkshire and other insurance companies do the same with float on liabilities because it enhances returns. I don't see what is so hard to understand. OP and the PP just don't like the fact that paying down debt isn't always a good investment strategy.

Actually, I think it’s more like OP and PP don’t like the fact that so many people in DMV are taking out unnecessarily large and long duration mortgages to advance their own financial positions at the expense of MC and UMC people that truly depend on these financial instruments. While honest, hardworking people were struggling to get the attention of loan officers and underwriters, the D.C. elite rich was monopolizing all available bandwidth and funds at the banks and, in turn, driving demand and available rates into an upward spiral.

I’m not willing to borrow more money than I need just because I can and because it’s best for me me me. These smug 30 year advocates are the same ones that emptied grocery stores in early 2020; stocked their homes with toilet paper, hand cleaner, and face masks so none was available to those in need; and hoarded and stockpiled 55 gallon drums of gasoline when the colonial pipeline was hacked in 2021. Absolutely disgusting. And you’re all on here bragging about your lack of moral compass. It’s amazing how much more wealth you can create when you’re willing to take opportunities away from the less fortunate in our society.

Is there a limited supply of 30 year mortgages? This makes no sense. Rates are driven by the gap between how much a bank can make investing the money vs. lending it, not supply and demand.

Totally understand if you can’t see past your own needs. It takes courage and integrity to do the right thing. We’re not all there yet. Someday you’ll be comfortable enough with your decisions to start caring about those in need.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We refinanced to a 2.875% 30 year conforming mortgage during the first year of the pandemic. It's still a great decision because there are very few areas where we can get that kind of leverage and invest the rest in the stock market. Oh and we have a PITI ~$3K and nearly $1 million in home equity ($1.5 million home). With inflation where it is, having low cost, long term fixed debt is a great "investment". Right now, I can invest our cash in a high earning account! It has nothing to do with living beyond our means. It's the equivalent of shorting Treasuries.

I’m one that is absolutely in favor of the 15 year route. That being said, well played…assuming you’re being truthful. I refinanced with a cash-out refinance mortgage from a 15 year to a 30 year with the sole objective of having money to invest in growth equities post-COVID crash. My monthly payment didn’t change, but I walked away with more than $1M in cash that I turned around and invested in the market a few months back. Portfolio is already up from $1M to $1.7M.

I'm the PP. I think a 15 year is fine but it reduces your flexibility and only provided 40-50 bps of interest rate savings relative to a 30-year (at least at the time I was considering a refi). For some, a 15-year is a good way to create forced savings if you lack discipline elsewhere in your financial budget. While I could save a little on interest, I figured having the flexibility to accelerate the paydown on a 30-year (to make it a 15) was better optionality. However, since inflation spiked, I've stopped all prepayments. I am happy to make my minimum fixed payment each month and if inflation continues at an elevated rate, it will look better and better with time That's our only debt and with a PITI of ~$3K, it's lower than we'd ever get for an equivalent apartment in our area of Montgomery County.

Our 15 year payment was lower than the 30 we originally had when we refinanced as the interest rate was lower. We always pay extra to principal. Cannot wait to pay it off.

Why? If it's a good rate, you're better served saving the excess cash and using it to invest in the market long term. For us, paying a 2.875% interest rate that is also tax deductible is much lower than the long-term return on other investments. I get that there is a psychology benefit to being completely debt free. However, "good" debt with modest leverage can actually enhance your returns.

It’s not really tax deductible depending on how much you pay in interest. We don’t see any benefit in our taxes. We also max out retirement, good amount in college funds and integer. Why not do it all? Out interest at this point Is a few hundred a month. Why not pay it off and take the entire payment and invest!

OK PP, I agree with you that if you have unlimited funds, you should not have a mortgage.

Seriously, it's a stupid question if you have so much money that you don't need to finance a home. That said, even the ultra wealthy use low cost debt to finance real estate, private equity, and even their market equity investments. Berkshire and other insurance companies do the same with float on liabilities because it enhances returns. I don't see what is so hard to understand. OP and the PP just don't like the fact that paying down debt isn't always a good investment strategy.

Actually, I think it’s more like OP and PP don’t like the fact that so many people in DMV are taking out unnecessarily large and long duration mortgages to advance their own financial positions at the expense of MC and UMC people that truly depend on these financial instruments. While honest, hardworking people were struggling to get the attention of loan officers and underwriters, the D.C. elite rich was monopolizing all available bandwidth and funds at the banks and, in turn, driving demand and available rates into an upward spiral.

I’m not willing to borrow more money than I need just because I can and because it’s best for me me me. These smug 30 year advocates are the same ones that emptied grocery stores in early 2020; stocked their homes with toilet paper, hand cleaner, and face masks so none was available to those in need; and hoarded and stockpiled 55 gallon drums of gasoline when the colonial pipeline was hacked in 2021. Absolutely disgusting. And you’re all on here bragging about your lack of moral compass. It’s amazing how much more wealth you can create when you’re willing to take opportunities away from the less fortunate in our society.

I've disagreed with the OP for the reasons where low cost, long term fixed rate debt allows you to invest excess funds in superior returns elsewhere. However, I think what the OP is alluding to is that there many, many people in this area (and really all over the U.S.) that are living beyond their means. They have a sky, high mortgage with an 80+% LTV plus a home equity loan. They might have credit card debt or consumer finance debt. They likely have student loan debt. They finance or lease their cars rather than pay cash. And they don't have the additional funds for an emergency repair of $1,000 or more. It just goes to the credit card or is financed. There are a lot of people that want to "live the dream" but really can't afford it and they are the ones buying these homes. It's all about the monthly payment, not what the true cost is to own. On some level, I think this is great because it fuels the economy and the stocks that I own. However, when the music stops, as it did in 2008, then you have some real problems.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We do too. And to blow OP’s mind even further, in addition to our 15-year mortgage and IKEA furniture, we drive a BMW and fly in first class.

IKEA furniture is very low quality. A BMW is not. Why not elevate all aspects of your lifestyle to the same level? I just don't get the people that own $3M homes and then have a dining room set that only costs $5K made of veneer furniture sitting on a machine-made oriental rug from COSTCO. Or the people that live in suburban McMansions and then fly coach for vacation. Or the people that drive Range Rovers but can't afford a long weekend at the Inn at Little Washington.

Um, because people make choices about where they want to spend their money? Also no one with taste has a “dining room set,” veneer or not, and you can buy a plenty nice table and chairs separately for less than 5K if you know what you’re doing.

[Anonymous]

OP is a high school freshman in his (yes his) mother’s basement.

15 year mortgages are a fine compromise between a 30 year and paying cash. All choices have their benefits and drawbacks, you pick the one that’s right for you.

Lol, “heirloom Stickley,” says no one who has bought high end furniture recently, ever.

[Anonymous]

I have a 30 at 2.25 apr, I drive a luxury car and buy shiny toys. Life is for living.

[Anonymous]

You are really dumb to have a 15-year mortgage. Always get a 30-year and make extra payments to pay it off in 15 if you want to. This protects you in case you need cash flow if someone loses their job or gets ill. It is absolutely stupid to have a 15-year. Most people know this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think it is dumb to tie yourself to a 15-year mortgage. Get a 30-year mortgage and make double payments. This gives you flexibility if, for example, one or both of you lose your jobs and you have cash flow problems for a month or two. Apparently your idiotic plan worked out for you and your husband, OP, but it isn't the best choice.

OP, here. Why would either of us lose our jobs? We're both highly sought after and star workers? Besides, we have a 12-month+ safety net in liquid savings outside retirement. Just feels like people in DMV are way too invested in their homes, many house poor, and not diversified enough across a balance of assets, amenities, and experiences.

Are you kidding me? You sound really young. Great employees lost their jobs all of the time. Leadership and change and you're out. Seems like you have a really warped view generally.

[Anonymous]

Anonymous wrote:You are really dumb to have a 15-year mortgage. Always get a 30-year and make extra payments to pay it off in 15 if you want to. This protects you in case you need cash flow if someone loses their job or gets ill. It is absolutely stupid to have a 15-year. Most people know this.

Most people know this? For sure. Most people are unhealthy or overweight (you know, the ones that get ill). Most people have credit card debt. Most people buy cars with loans instead of with cash. Most people are lazy and unproductive (you know, the ones that lose their jobs eventually). Most people have 30-year mortgages. It’s great to be like most people. It’s what makes a person feel normal.

You can also protect yourself in case you need cash flow by building up a 12-month emergency savings or by cutting discretionary spending on travel and luxury goods. And, newsflash, you can also make extra payments on a 15-year mortgage to pay it off early too. But only dumb people know about these sorts of things. The smart people are borrowing excessively against their assets just to have extra money each month to pay for necessities they otherwise couldn’t afford.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You are really dumb to have a 15-year mortgage. Always get a 30-year and make extra payments to pay it off in 15 if you want to. This protects you in case you need cash flow if someone loses their job or gets ill. It is absolutely stupid to have a 15-year. Most people know this.

Most people know this? For sure. Most people are unhealthy or overweight (you know, the ones that get ill). Most people have credit card debt. Most people buy cars with loans instead of with cash. Most people are lazy and unproductive (you know, the ones that lose their jobs eventually). Most people have 30-year mortgages. It’s great to be like most people. It’s what makes a person feel normal.

You can also protect yourself in case you need cash flow by building up a 12-month emergency savings or by cutting discretionary spending on travel and luxury goods. And, newsflash, you can also make extra payments on a 15-year mortgage to pay it off early too. But only dumb people know about these sorts of things. The smart people are borrowing excessively against their assets just to have extra money each month to pay for necessities they otherwise couldn’t afford.

Can’t win this argument when you’re jockeying back and forth with SAHMs that can’t help but take this thread personally. These are the people that have forced their families into 30-year mortgages because they’re either too incompetent or too indolent to get real jobs. So, instead they place a massive burden on the monthly budget that only a 30-year can alleviate. That extra money is essential for covering this cost of the nanny, wine drinking Cabi parties with girlfriends, and the cleaning service, after all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You are really dumb to have a 15-year mortgage. Always get a 30-year and make extra payments to pay it off in 15 if you want to. This protects you in case you need cash flow if someone loses their job or gets ill. It is absolutely stupid to have a 15-year. Most people know this.

Most people know this? For sure. Most people are unhealthy or overweight (you know, the ones that get ill). Most people have credit card debt. Most people buy cars with loans instead of with cash. Most people are lazy and unproductive (you know, the ones that lose their jobs eventually). Most people have 30-year mortgages. It’s great to be like most people. It’s what makes a person feel normal.

You can also protect yourself in case you need cash flow by building up a 12-month emergency savings or by cutting discretionary spending on travel and luxury goods. And, newsflash, you can also make extra payments on a 15-year mortgage to pay it off early too. But only dumb people know about these sorts of things. The smart people are borrowing excessively against their assets just to have extra money each month to pay for necessities they otherwise couldn’t afford.

Can’t win this argument when you’re jockeying back and forth with SAHMs that can’t help but take this thread personally. These are the people that have forced their families into 30-year mortgages because they’re either too incompetent or too indolent to get real jobs. So, instead they place a massive burden on the monthly budget that only a 30-year can alleviate. That extra money is essential for covering this cost of the nanny, wine drinking Cabi parties with girlfriends, and the cleaning service, after all.

What? Most since income families I know are actually quite frugal. We have a 15 year mortgage that was a full percentage point less than the 30 we could have gotten and saved us hundreds of thousands over the life of the loan. We also have an emergency fund and fully funded retirement and college. Not sure what you are ranting about.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You are really dumb to have a 15-year mortgage. Always get a 30-year and make extra payments to pay it off in 15 if you want to. This protects you in case you need cash flow if someone loses their job or gets ill. It is absolutely stupid to have a 15-year. Most people know this.

Most people know this? For sure. Most people are unhealthy or overweight (you know, the ones that get ill). Most people have credit card debt. Most people buy cars with loans instead of with cash. Most people are lazy and unproductive (you know, the ones that lose their jobs eventually). Most people have 30-year mortgages. It’s great to be like most people. It’s what makes a person feel normal.

You can also protect yourself in case you need cash flow by building up a 12-month emergency savings or by cutting discretionary spending on travel and luxury goods. And, newsflash, you can also make extra payments on a 15-year mortgage to pay it off early too. But only dumb people know about these sorts of things. The smart people are borrowing excessively against their assets just to have extra money each month to pay for necessities they otherwise couldn’t afford.

While we are on the subject, I bought a new car in December, took out a seven year loan at 2.5%. Used the cash to buy IBonds paying a 9% interest rate instead of putting it directly into the car.
Same logic as with a 30-year mortgage - in inflationary times, fixed-rate, low-interest debt is not a bad thing.

[Anonymous]

Anonymous wrote:Home many in DMV actually have a 30 year mortgage?!? DH and I have a 15 year at 2.25%. Of course, we could have gone with a 30 year and invested the savings in the stock market, but how many people actually do this? Most of my friends have homes worth twice ours, but they have an HHI that is maybe 1/2. Most of our neighbors with similar home values are sporting used Toyotas, unkempt yards, IKEA furniture, and vacations to Rehoboth. Meanwhile, we have BMWs, several millions in savings, well manicured gardens and maintained home, heirloom Stickley furniture, and multiple int'l vacations per year in first class. One of our neighbor's trees fell down 2 years ago near the edge of our property line and they still haven't removed it. They want to split the $800 cost for removal. For real?!? Are we way off base, here?

I have a 30-yr mortgage but I'm not insufferable

[Anonymous]

Anonymous wrote:Home many in DMV actually have a 30 year mortgage?!? DH and I have a 15 year at 2.25%. Of course, we could have gone with a 30 year and invested the savings in the stock market, but how many people actually do this? Most of my friends have homes worth twice ours, but they have an HHI that is maybe 1/2. Most of our neighbors with similar home values are sporting used Toyotas, unkempt yards, IKEA furniture, and vacations to Rehoboth. Meanwhile, we have BMWs, several millions in savings, well manicured gardens and maintained home, heirloom Stickley furniture, and multiple int'l vacations per year in first class. One of our neighbor's trees fell down 2 years ago near the edge of our property line and they still haven't removed it. They want to split the $800 cost for removal. For real?!? Are we way off base, here?

Wait so you came on here to brag about your great financial situation but you let a fallen tree sit on your property for 2 years bc you are nickel and diming your neighbor over removing it? Let us know how much it costs to get the termite damage mitigated

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We refinanced to a 2.875% 30 year conforming mortgage during the first year of the pandemic. It's still a great decision because there are very few areas where we can get that kind of leverage and invest the rest in the stock market. Oh and we have a PITI ~$3K and nearly $1 million in home equity ($1.5 million home). With inflation where it is, having low cost, long term fixed debt is a great "investment". Right now, I can invest our cash in a high earning account! It has nothing to do with living beyond our means. It's the equivalent of shorting Treasuries.

I’m one that is absolutely in favor of the 15 year route. That being said, well played…assuming you’re being truthful. I refinanced with a cash-out refinance mortgage from a 15 year to a 30 year with the sole objective of having money to invest in growth equities post-COVID crash. My monthly payment didn’t change, but I walked away with more than $1M in cash that I turned around and invested in the market a few months back. Portfolio is already up from $1M to $1.7M.

I'm the PP. I think a 15 year is fine but it reduces your flexibility and only provided 40-50 bps of interest rate savings relative to a 30-year (at least at the time I was considering a refi). For some, a 15-year is a good way to create forced savings if you lack discipline elsewhere in your financial budget. While I could save a little on interest, I figured having the flexibility to accelerate the paydown on a 30-year (to make it a 15) was better optionality. However, since inflation spiked, I've stopped all prepayments. I am happy to make my minimum fixed payment each month and if inflation continues at an elevated rate, it will look better and better with time That's our only debt and with a PITI of ~$3K, it's lower than we'd ever get for an equivalent apartment in our area of Montgomery County.

Our 15 year payment was lower than the 30 we originally had when we refinanced as the interest rate was lower. We always pay extra to principal. Cannot wait to pay it off.

Why? If it's a good rate, you're better served saving the excess cash and using it to invest in the market long term. For us, paying a 2.875% interest rate that is also tax deductible is much lower than the long-term return on other investments. I get that there is a psychology benefit to being completely debt free. However, "good" debt with modest leverage can actually enhance your returns.

It’s not really tax deductible depending on how much you pay in interest. We don’t see any benefit in our taxes. We also max out retirement, good amount in college funds and integer. Why not do it all? Out interest at this point Is a few hundred a month. Why not pay it off and take the entire payment and invest!

OK PP, I agree with you that if you have unlimited funds, you should not have a mortgage.

Seriously, it's a stupid question if you have so much money that you don't need to finance a home. That said, even the ultra wealthy use low cost debt to finance real estate, private equity, and even their market equity investments. Berkshire and other insurance companies do the same with float on liabilities because it enhances returns. I don't see what is so hard to understand. OP and the PP just don't like the fact that paying down debt isn't always a good investment strategy.

Actually, I think it’s more like OP and PP don’t like the fact that so many people in DMV are taking out unnecessarily large and long duration mortgages to advance their own financial positions at the expense of MC and UMC people that truly depend on these financial instruments. While honest, hardworking people were struggling to get the attention of loan officers and underwriters, the D.C. elite rich was monopolizing all available bandwidth and funds at the banks and, in turn, driving demand and available rates into an upward spiral.

I’m not willing to borrow more money than I need just because I can and because it’s best for me me me. These smug 30 year advocates are the same ones that emptied grocery stores in early 2020; stocked their homes with toilet paper, hand cleaner, and face masks so none was available to those in need; and hoarded and stockpiled 55 gallon drums of gasoline when the colonial pipeline was hacked in 2021. Absolutely disgusting. And you’re all on here bragging about your lack of moral compass. It’s amazing how much more wealth you can create when you’re willing to take opportunities away from the less fortunate in our society.

Is there a limited supply of 30 year mortgages? This makes no sense. Rates are driven by the gap between how much a bank can make investing the money vs. lending it, not supply and demand.

Totally understand if you can’t see past your own needs. It takes courage and integrity to do the right thing. We’re not all there yet. Someday you’ll be comfortable enough with your decisions to start caring about those in need.

This truly makes no sense. There are lots of things rich people should do to help the world, but voluntarily switching their 15-year mortgage to a 30-year in order to free up 30-year mortgages for the less wealthy (???) is not one of them.