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May 10, 2006

what, are they handing out mortages to 15 year olds now?

Here's an IQ test. Banks are offering 50 year mortgages now...with variable rates, yet! So the same $250,000 mortgage that would cost you $132k in interest over 15 years and $319k over 30 years will now cost a whopping $596k in pure interest. That's before the variable rate goes up, of course. Spend $596,000 to borrow $250,000? What a deal. Don't tell my sister.

Anyone who takes out a 50 year mortgage should have their voting rights stripped, on general principle. Their vote will doubtlessly cancel out mine.

posted by john at 8:10 AM  â€¢  permalink