The Buyer-friendly 30-Year Mortgage. Dispensable?

If a question was posed to you today about your choice of the most affordable mortgage type and the mortgage types given to choose from were, an Adjustable Rate Mortgage (ARM) – including 1-Year ARM, 3-Year ARM, 5-Year ARM, 7-Year ARM and 10-Year ARM), a 10-Year Fixed Rate Mortgage, 15-Year Fixed Rate Mortgage, 20-Year Fixed Rate Mortgage, 25-Year Fixed Rate Mortgage, or 30-Year Fixed Rate Mortgage – What would your choice be?

If you selected 30-Year Fixed Rate Mortgage as the most affordable mortgage type and then learned that some politicians were considering (or at least discussing) certain regulations that would eliminate the 30-Year Fixed Rate Mortgage as a financing option for home buyers – especially first-time home buyers – what would your reaction be? Disappointment? Acceptance? Acknowledge and move on?

Well, however you may have responded to questions in the above paragraphs, you may be interested in this New York Times article, “Who Wants a 30-Year Mortgage”? By BETHANY McLEAN, Published: January 5, 2011. The article begins with this following sentence:

Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. Read more

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humor If the government can’t run business, how come businesses always run to the government for a bailout when it runs into trouble? FHA-insured mortgages, government run for 75 years. Lest we forget?