Fox Host Corrects Trump on How Mortgages Work as He Touts 50-Year Plan – Donald Trump doesn’t seem to understand what the average mortgage looks like for Americans.
Source: Quirkie
Fox Host Corrects Trump on How Mortgages Work as He Touts 50-Year Plan – Donald Trump doesn’t seem to understand what the average mortgage looks like for Americans.
Source: Quirkie
37 Comments
Remember when his Economics professor said that Trump is the dumbest student he ever had? He was not wrong I guess.
Silver spoon bitch has no idea how average Americans live
A fifty year mortgage? How to pay 8 million dollars for a 300k house in one easy step.
[deleted]
Realtors are already hustling, telling potential buyers that the average person lives in their homes about 8 years, so they shouldn’t worry about paying less over the 50 years, but instead should focus on paying less per month. Which works out fine so long as real estate prices keep going up forever.
He has absolutely no clue what life is like for the average American. His tiny mind can’t grasp things like paying rent, shopping at a grocery store, or paying for health insurance.
We couldn’t have elected anyone more out of touch with reality.
I’m constantly battling whether he legit doesn’t *know* what the most beneficial policy is for the average citizen, *or* if he is just parroting ideas from his rich friends that will benefit *them.*
Maybe a little of column A and a little of column B?
*in a whisper* Emperor, uh, you’re naked.
He doesn’t understand what the average mortgage looks like because average people actually have to pay back their debts.
He might as well be an alien species. He has zero idea what the life of an average person is like.
A 50 year mortgage makes no sense. It would be far smarter to just rent at that point. You would never, in your lifetime see any equity.
Real estate genius over here.
Mr Real Estate Genius needs RE things explained to him.
50 year home loan that preschoolers can apply for as they fundraise for their next field trip through skid row.
Trump thinks if you buy health insurance when you’re young you get it cheap for life so I certainly wouldn’t expect him to understand mortgages.
“I can’t believe it’s not feudalism!” — Lord Farquaad, maybe.
Trump’s credit score is like 400. Why is everyone expecting someone with terrible credit to understand mortgages like an expert?
Trumps like “what’s the big deal? Take out a buncha loans, buy property and then declare bankruptcy!”
Well duh. Of course he doesn’t
Chucklefuck doesn’t understand how a magnet works, you think he can grasp a basic financial instrument?
*This one weird trick lenders love.*
I want a 10,000 year mortgage
Hardly surprising for a guy that’s had hundreds of millions of debt for most of his life.
“CNN maps it out like this: If you have a $450,000 home with a 30-year mortgage at a 6.25 percent interest rate, your monthly payment is about $2,771. By the time you’ve paid off your loan, you would have paid more than $547,000 in interest. If you had a 50-year loan at the same rate, your monthly payment would be slightly lower—$2,452—but your total interest would swell to around $1.02 million. That’s 87 percent more than on the 30-year loan.”
If you assume the interest on a 50 mortgage is about 0.5% higher than on a 30 year mortgage, the monthly savings is negligible. You might save [about $300-$350](https://www.mortgagecalculator.org/) a month on a $1 million mortgage, or about 5% a month. You’d also end up paying about double the interest in the end, which is hardly worth it.
The link is to a mortgage calculator. I assumed a current rate of 6.2% on a 30 fixed and 6.7% on a 50 fixed for a $1 million loan.
The average American spends tens of thousands of dollars on a vehicle purchase based solely on a sheet of paper from the dealer that shows them monthly payments. No questions about dealer fees, financing charges, etc. They see a monthly number and go, “okay, that one.”
For better or worse, Trump knows voters.
I’m surprised at what happens when you elect the slumlord instead of a career politician.
Coming from a man who mortgages all his properties, then refinances over and over, of course this seems great. The banks own all the houses and we get to rent them for life!
Wait so the idea is you’ll be dead or in a nursing home before you ever pay off your mortgage?
Makes perfect sense. But call it what it is: rent.
A 30 year mortgage is about as long of a time horizon as you can get before it becomes really unreasonable on interest. Some countries don’t even let you go past a 10 year mortgage on financing.
Density’s Child
To be fair, I don’t think Trump understands most things, it isn’t just mortgages.
He doesn’t even know how magnets work.
“Trump doesn’t seem to understand…” sums up most of his presidency.
Student loans but it’s a house and anyone who has/had student loans knows exactly what’s going on here. You pay interest forever. Barely scratch the principal and turn a $200k house into a million for the banks
Trump doesn’t understand how ANYTHING affects the average American
“what does a banana cost, 10 dollars?”