Fannie Mae-No Politics (FNMA)

[Guido2]

I have refinanced my homes numerous times, getting better rates every time. No one getting a 50 year mortgage HAS to hold it for 50 years.
1) They can refinance for a shorter period.
2) They can pay more than the monthly payment and pay off the mortgage much earlier than 50 years.
3) They can sell the house and pay off the mortgage.

It's good to have options. We bought our first home in 1982 using seller-financed 12% interest only loan. Banks were offering mortgages at 18%. Soon as interest rates dropped below 10% we refinanced for a conventional loan. We still own the house. Current mortgage is at 3% and the house has appreciated 13 times what we paid for it. Lesson of this story: do whatever you need to own your home and live the American Dream.