Annette Lawrence , Palm Harbor, FL 727-420-4041, Making FLORIDA Real Estate EZ  (ReMax Realtec Group)

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Rainmaker
1,722,226
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

It would upend the current affordability quotient and force many into lifetime tenancies which could result in a much higher divorce rate dues to stress

May 07, 2019 08:06 AM
Rainmaker
1,513,143
Raymond E. Camp
Ontario, NY

The bank is in business to make money and if two families are buying one home they are losing on one so they will change the rules to fit their needs!

May 07, 2019 06:31 AM
Rainmaker
1,153,744
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

A quick look at automobile financing may tell the story. The 1st new car I bought had a 36 month loan while today I can find many brands offering 7 year loans. Generally speaking mortgages will adapt to what the market wants eventually. My push was always for 12 to 15 year loans and those Buyers are reaping the benefits with very enjoyable early retirements. A 10 year might cramp the style of those venturing into homeownership today.

May 07, 2019 06:27 AM
Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

the generation of homeowners, whose goal was to have NO MORTGAGE, are in nursing homes or 6' under....

the roof over my head has no mortgage but I do have an investment property with a small one, and it's going to remain that way.... 

we never see mortgages of less than 30 years today, and theses buyers are capable of 10 or 15 year loans.... they don't want to focus on paying a mortgage every month... they like living!

May 07, 2019 06:12 AM
Rainmaker
5,187,910
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Never gave it much thought. Have seen the normal loan amortization increase since I entered the business. 20 went to 25, 25 to 29, 29 to 30, and a few attempts to increase that to 40. 15 became popular to those who could do it. Have never seen 10 as a popular option!

May 07, 2019 05:58 AM
Ambassador
5,198,152
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I can't imagine that would ever happen, nor would I want my adult children living with me longer than they did!

My grandparents' mortgages were for 30 years - even at the low, low cost of the homes when they bought. I can't see 10 years ever being the norm.

May 07, 2019 10:06 AM
Rainmaker
3,415,644
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It would be unaffordable for most buyers, but yes it may help with everything else

May 07, 2019 06:40 AM
Rainmaker
2,371,454
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Annette Lawrence , Palm Harbor, FL 727-420-4041 I think things are just fine the way they are.

May 07, 2019 06:35 AM
Rainmaker
7,783,544
Roy Kelley
Retired - Gaithersburg, MD

Multi-generational housing will continue to be popular. Every family has different goals and motivations.

May 07, 2019 06:20 AM
Rainmaker
5,095,661
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Not sure what it has to do with family values. I've met very few people who actually stayed in their house 30 years and paid off a mortgage. And as Kathleen Daniels said... highly speculative question... not sure the subject is at the top of my list of things to reflect on today or any day soon.

May 07, 2019 09:29 AM
Rainmaker
1,187,978
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

It would be nice to be able to afford a 10-year note but most folks need the 30 years or even more to be able to afford their home.  

May 07, 2019 08:47 AM
Ambassador
3,338,299
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Highly speculative questions to ponder. 

May 07, 2019 08:14 AM
Rainmaker
755,555
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

If they shrunk the mortgage term down to 10 years I think we'd see less buyers & more short sales for me. While a shorter mortgage term creates greater wealth most people can't handle it.

May 07, 2019 07:49 AM
Rainmaker
469,510
Dan & Laurie Pittsenbarger Team
Keller Williams Western Realty - Bellingham, WA
Lakeside & Coastal Single Family Homes

I'm not really tracking with the question. I'm not sure how collective purchasing is tied into real estate or mortgages. I did have to Google what collective purchasing is to try and understand the question so I learned something but I still don't really get what you're getting at with this one.

May 07, 2019 06:09 AM
Rainmaker
1,236,920
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Some refugees came here follow the collective mortgage concept. Then the young ones left finding their own nest near by. Every family is different,

May 07, 2019 11:20 AM
Rainmaker
1,497,548
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I don't see how that's possible.  People have a hard enough time affording the 30 year mortgage out here.  I think a mandatory 10 year cap on a mortgage would price a fair amount of people out.

May 07, 2019 09:38 AM
Ambassador
2,158,966
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Although I don't think 10 years is realistic at today's prices, collective purchasing could have many financial benefits.  Personal and emotional benefits... maybe not so much.  It would depend on the individuals involved.  And, an exit strategy must be addressed.

Multi-generational housing is certainly a good option for the right family units or whatever collective group wants to buy together.

May 07, 2019 08:34 AM
Rainmaker
2,774,896
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

There has always been a strength in family or collective movements in general. I have always believed that if one would focus on paying off a mortgage sooner it will get done. If a concentrated joint effort is made, debt-free here we come. However, forcing this issue may rob many of quality of life. I don't like the deadline approach (short loan term) but then many need pressure to operate....

May 07, 2019 07:10 AM
Ambassador
6,348,373
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Some segments of our population do this very successfully.

May 07, 2019 01:04 PM
Rainmaker
5,772,353
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Annette...too many ifs for me.  

May 07, 2019 11:24 AM
Rainmaker
1,839,276
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Where did you get that ridiculous idea of 10 years?

We did 15 & no one really bites on that. 30 is the norm & don't know or care how it got started.

Collective purchasing has nothing to do with family values I think. It's strictly to pull Mom & Pop into being perpetual baby sitters for the kids. Just because you all live together 'in the shoe' doesn't mean it's bliss. It has to do with finances & that's that.

May 07, 2019 10:20 AM
Rainer
413,101
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Mortgages are available in every number of years from 5 to 40. IF you want a 9 year loan and can make the payment, great. This feeds into a loan program that I have called a offset mortgage which borrowers have a checking account that deposits pay the daily interest (normal mortgages you are stuck with 30 days) Offset mortgages are typically paid off in 9 years

May 07, 2019 02:08 PM
Rainmaker
1,292,056
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

What makes you imply that families do not buy together now? We have many multi-generational owners in our market. Dad and Mom supply cash although they may not be on the mortgage.

It has not been too long ago that 40 year mortgages came on the scene. Restricting mortgages 10 years does not seem workable when you are talking about the large loans needed to buy many homes.

May 07, 2019 04:18 PM