the crazy prices - and as noted the 50 actually yields a lot more interest for the lender, it's an alternative to I/O loans -Typcial loan lasts less than 10 years, usually about 7 - on a 50 year note the lender makes a bit more. It's also the only way left these days that a borrower can have less than a 50% Debt to Income given the current housing prices in most parts of the country.
Remember this - as long as banks are lending against housing you will ALWAYS pay at least going 30 year rates on that money. The only way to alleviate that debt is to PAY THE FULL PAYMENT.
There is no creative financing that will overcome that simple fact. If the going rate is 6.5% you will always have to pay your payment plus that interest if your goal is to pay the property down. A magic "low payment" means you will not pay down the principal, period.
Once again, there is no magic bullet. Your home mortgage, with your rate will require a minimum payment to pay down. 10 year or 50 year term, this is true.
This is where the American consumer is getting hosed. They aren't aware that a lot of these programs offered today don't allow for a full paydown of principal lke what they're used to. They think it's like buying a car where they walk on to the lot and the dealer magically makes their car payment lower if you ask for it. - And all that's really happening is the term being altered and rate altered to get there
