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]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]

This thread is ridiculous and I’d hope you weren’t real, but the DMV is filled with lawyers, not financiers. A longer term fixed mortgage gives you flexibility - if a job situation changes or someone gets sick and your income changes. But you can pay it off like a 15 year if you so choose, although not sure why you would if you had a mortgage at 2% interest rates. I’m not sure why you think it’s immoral or excessive borrowing. [/quote]

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