50-year mortgage first appeared in southern California, where housing was
becoming increasingly costly, and people were looking for new ways to reduce
their monthly mortgage payments. Except for the extra two decades to pay off
the loan, it works the same as a 30-year fixed mortgage.
advantage of a 50-year mortgage is the lower payment, but the significantly
higher long-term costs may outweigh this advantage. Let’s see if you should go
down that long road.
Going bankrupt is one of the most distressing
things that can happen to a person. Some of the common causes of bankruptcy
include burdening medical expenses, job losses, excessive spending on credit,
divorce or separation, and heavy expenses due to unforeseen events.
All of these can be quite taxing on your
mental and physical health, as well as your financial outlook. On top of that,
you may also be worried that you won’t be able to buy a home for yourself and
your family anymore, which is an added burden. This article covers everything
you need to know about buying a home after filing for bankruptcy.
Getting a home insurance policy is
essential when you are buying your dream home. However, just any homeowner’s
insurance policy is not enough; you need to have adequate coverage to
financially protect yourself against any unexpected circumstances.