How much is your house mortgage?

@swirlie Henry was one of my childhood favorites, along with Captain Eddie … Rickenbacker.

Didn’t Ford start with an assembly line for pocket watches? And wasn’t his big gamble was on whether the automobile was patent protected?

As a kid reading their stories the inspiring parts were in the logic behind why they did things, why they picked A rather than B. Captain Eddie did a lot of that in his autobiography. His venture into auto making was so insightful. His car company, the Rickenbacker, was the first with 4 wheel braking. A feature heavily criticized as dangerous by competitors and echoed by the media. 5 years later, all car makers had 4 wheel brakes.

@Heartlander

Henry Ford did not invent the automobile, it was already in production in Europe long before Henry got into the act.

Henry Ford did not invent the assembly line either; it was already in place in Germany before Henry was old enough to drive.

The only thing that Henry did was fine-tune the German assembly line to suit his own needs in America plus supply the demand for automobiles in North America which worked well, provided the customer only wanted a black car because that was the only color they came in for a long time.

@swirlie

: ) I didn’t want to imply that Henery invented either the auto or the assembly line process. As you said , he adopted what others were doing and very impressively applied to auto manufacturing. I read his book when I was like 10, and my sometimes flawed memory (but not always) says he applied the assembly line process to making watches prior to diving into the auto manufacturing.

Also, as I think I recall, his issue with the pattern office wasn’t about him gaining a pattern for inventing the automobile but of him challenging others who were filing for pattern rights and challenging the US government on the right of anyone to proclaim that they invented the auto. At the time the entire future of Ford was based on the decision that no one invented the automobile, and that it was but another step in the evolution of travel.

@AngelUnforgiven My repayments are about A$700 a week but same plan - paying more than minimum payment to reduce the term.

If I was renting the same house now I'd probably be getting charged $500+ a week to live here.

@Crazywaterspring Yes it is isn't it. 🙂🙂🙂

@swirlie It depends. A car loan maybe unsecured or secured by an IWS as I previously said.

@zonavar68 I have mortgages but not on my house.

@KiwiBird
If it was secured, then it would be called a mortgage, not a loan.

@Donotfolowme
So then, you don't have a mortgage, right?

@swirlie by the sound of it

@Donotfolowme
So, the answer to the OP's question for you in particular then should be zero-dollars for mortgage, not $1,700 per month, right?

Rent is not mortgage, btw.

@swirlie A 50 year mortgage? I understand that some countries are doing that, even 100 year multigenerational mortgages. Is that with a Canadian institution? Also, is that fixed or variable rate? With or without options to sell or transfer, or pay it off at will.

Not intending to be personal. When I got squeezed out of the aviation business I cashed out and followed my other dreams, software development specializing in financial modeling for banks and such, and a few years focusing on mortgage backed securities.

… and am an investor in probably all of the big Canadian banks., mostly because of their very dependable dividends.

@Heartlander
I appreciate your interest in my 50 year, million dollar mortgage, but I was actually joking when I wrote that assertion because I thought if I made my post sound ridiculously stupid, that nobody would actually take me seriously if they knew my writing style at all and would automatically assume that I didn't actually have a mortgage which just between you and me Heartlander, is actually the case!

@swirlie I believe multigenerational mortgages are a reality in Japan, 50 years plus.

Not a bad idea assuming the house is built to last 50 years plus and there are escape clauses for both the lender and borrowers.

Also ….

The average cost of anew home in many US communities is $300K plus, and million dollar homes are not terribly unusual.

The subject of home affordability is a hot topic in the US, and something dear to my heart, beyond my interest in the role mortgages play in the banking industry.