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Reply to "Buying past "prime" home buying years"
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[quote=Anonymous]Surprised no one has mentioned inflation. Historically inflation has meant that your loan will be easier to pay in 10-30 years. The crazy inflation in the 70s and 80s was actually good for people who owed money because wages and prices went up but outstanding debt stayed the same. This is why moderate inflation is good for the economy - it encourages borrowing for growth - whereas deflation crushes borrowers. In your case, if you are planning to work at least 20 years, I think you could take a 30 year mortgage with a plan of either refinancing later to a shorter loan (although unlikely rates will ever be this good) or just aiming to pay it down more aggressively as your wages rise so it is gone or mostly gone when you retire.[/quote]
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