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Speaker 1: Boston's Bulldozer operate seven days a week. The Kuner Report

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Speaker 1: weekend edition, WRKO The Voice of Boston.

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Speaker 2: Should we have fifty year mortgages? Trump and his economic

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Speaker 2: inner circle are now giving it a serious hard look

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Speaker 2: to deal with the affordability crisis. It would clearly lower

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Speaker 2: monthly payments by about two hundred, maybe even two hundred

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Speaker 2: and fifty dollars every month. But man, you'd be paying

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Speaker 2: for it much longer, obviously, and the interest you'd be

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Speaker 2: paying interest through the nose. So in the end, is

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Speaker 2: it really worth it. Let's go right back to Tanya

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Speaker 2: in Boston. She is talking about when this was about

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Speaker 2: maybe twenty years ago. She was a student, had two

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Speaker 2: hundred thousand dollars in debt, basically had about one thousand

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Speaker 2: dollars to her name. They said to her, you've got

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Speaker 2: to become a homeowner. That's the best way for you

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Speaker 2: to advance. So so she took out a loan and

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Speaker 2: then we had to get we got a heartbreak, We

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Speaker 2: had to go Tan, you please pick up where you

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Speaker 2: left off.

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Speaker 3: So I got the loan. I had a point to pay,

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Speaker 3: and prior to owning the house, I owed about thirteen

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Speaker 3: thousand dollars in taxes. When the year went by and

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Speaker 3: I had this loan, it was like a break even

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Speaker 3: for me because when I did my taxes with the house,

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Speaker 3: now I had something to my name, and I got

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Speaker 3: about sixteen thousand dollars back from all the interests I

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Speaker 3: had paid with this loan. But the fine print of

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Speaker 3: this loan is what a lot of people didn't read.

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Speaker 3: You can't You couldn't stay in those loans. You had

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Speaker 3: to refinance. So I ended up refinancing three times. So

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Speaker 3: the second time I refinanced, I refinanced to get rid

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Speaker 3: of the points, and then the economy was, you know,

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Speaker 3: the bubble was bursting, the things were starting to settle down.

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Speaker 3: And then the following year for those taxes, I still

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Speaker 3: got about sixteen grand back. And then the third time

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Speaker 3: I refinanced was to get a better interest rate, and

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Speaker 3: then I stayed in that loan. But I can understand

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Speaker 3: why they want to do this fifty year mortgage because

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Speaker 3: I'm in the same predicament right now in a little

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Speaker 3: bit different scenario. We are currently in a house and

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Speaker 3: I have a seven to one year arm, and that

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Speaker 3: arm is going to expire this coming August, we're trying

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Speaker 3: to get a house edition. We have not moved forward

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Speaker 3: yet because the interest rates are like six percent and

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Speaker 3: my seven to one year arm is at an interest

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Speaker 3: rate of three percent. So right there, once I refinance,

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Speaker 3: it's going to double my payments, my payment amount, and

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Speaker 3: then if I want to add the addition on top

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Speaker 3: of it, we're looking at like three times the amount

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Speaker 3: of money that we're spending per month. So for me,

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Speaker 3: I think if you're thinking, if you're talking about the

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Speaker 3: fifty year, I can put kind of a positive spin

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Speaker 3: on this. It depends on the mentality that you're going

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Speaker 3: to use a fifty year loan. So when I heard

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Speaker 3: you say it on a radio today, I immediately text

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Speaker 3: my husband, like, they're going to do a fifty year alone.

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Speaker 3: That's our win because we can get in it. And

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Speaker 3: it depends it really depends on what the what the

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Speaker 3: fine print of that fifty year alone.

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Speaker 2: Hear you and Tanya, I think what you're saying is this,

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Speaker 2: use the lower monthly payments to your advantage, and obviously

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Speaker 2: don't stay in it for forty fifty years, right because

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Speaker 2: then the interest, you know, just kills you over the

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Speaker 2: long term. But if you're smart. Use those lower monthly payments,

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Speaker 2: add some equity to the home, let it build up

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Speaker 2: a little bit, and then get out and buy something,

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Speaker 2: say with a lower a thirty year or twenty five year,

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Speaker 2: or a better home or better interest rates. In other words,

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Speaker 2: use it as a means to an end correct, not

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Speaker 2: as an end in itself.

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Speaker 3: Plan on moving out of this house after we do

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Speaker 3: the addition we plan, so my goal would be to

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Speaker 3: keep the same monthly payment that we're paying right now,

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Speaker 3: and if we get into that fifty year, it's literally

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Speaker 3: going to cut our payments into a third and just

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Speaker 3: pay three times the amount of that. But if you

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Speaker 3: get to a point where, oh my god, I can't

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Speaker 3: make that payment this month, then guess what. You're not

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Speaker 3: in the squeeze where you have a high interest and

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Speaker 3: a high monthly payment that you have to pay it,

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Speaker 3: you know what I mean. So, like, if you have

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Speaker 3: one month that it's like, Okay, I really can't afford

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Speaker 3: to pay three times the amount of the mortgage payment

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Speaker 3: that I'm paying. You don't have to because your payment

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Speaker 3: now is only eighteen hundred dollars. But normally my mentality is, no,

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Speaker 3: we're going to pay four thousand dollars a month on

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Speaker 3: this and get this thing paid off faster. But we

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Speaker 3: now have a little bit of wiggle room.

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Speaker 2: Interesting, oh, interesting, interesting, Tanya. Do you think part of

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Speaker 2: it is leave aside now the fifty year mortgage that

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Speaker 2: Jerome Powell is just keeping interest rates way too high?

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Speaker 2: This is just literally one of the main reasons why

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Speaker 2: the housing market is flat on its back and why

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Speaker 2: the economy is just not taking off the way it should.

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Speaker 3: Wrong that one person has the control of the entire

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Speaker 3: United States, and I think he's just doing this despite Trump,

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Speaker 3: and it really irritates the crap out of me because

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Speaker 3: he's really making everybody squeeze, and he's just going to

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Speaker 3: do that until he's out. And I think that's wrong

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Speaker 3: that someone can corrupt the system that badly.

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Speaker 2: And with you, I'm so with you. I'm so with you, Tanya.

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Speaker 2: Thank you so much for that call. Look, that's why

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Speaker 2: I know it would have been very controversial. But if

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Speaker 2: you remember months and months ago, I said, fire him,

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Speaker 2: fire him. I think it's outrageous. You're right that the

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Speaker 2: chairman of the Federal Reserve, one man, unelected, unelected, remember this,

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Speaker 2: and ultimately unaccountable this man has that much power over

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Speaker 2: the economy, over the country, over our lives. I mean, look,

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Speaker 2: Grace is a real estate agent. Okay, my wonderful wife,

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Speaker 2: She says, do you know how many deals are just

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Speaker 2: sitting there? Homes are you know? You know, people are

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Speaker 2: ready to buy homes, to sell homes, to build homes,

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Speaker 2: and they're just looking at the rate. They're looking at

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Speaker 2: the interest rate, and there's they're waiting for Powell to move,

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Speaker 2: and the guy just won't move. I mean, I know

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Speaker 2: he did a small cut, but basically the interest rates

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Speaker 2: have to come down much more. It's so obvious, and

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Speaker 2: so one man is clogging up the entire economy, and

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Speaker 2: simply because he wants to hurt and obstruct Trump. It's

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Speaker 2: so obvious. No, I'm with Tanya all the way. T

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Speaker 2: one seven, two, six, six, sixty eight, sixty eight. Would

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Speaker 2: you get a fifty year mortgage?

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Speaker 1: You're locked into Boston's bulldozer. The Kooner Report Weekend edition,

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Speaker 1: The Voice of Boston WRKL