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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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.[/quote]

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. [/quote]

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. [/quote]

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. [/quote]

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