Student # 1 S K
DB Forum 1
3. I struggled to make a decision between a 15-year mortgage and 30-year mortgage.I can afford to pay the monthly payment for the 30-year-mortgage, however, the 15-year-mortgage is burdensome. 30 years extends farther than retirement, while 15 years can be paid off before retirement. The 15-year-mortgage has less interest than the 30-year-mortgage, but as the monthly principal repayment increases, the actual monthly payment will be bigger than the 30-year-mortgage. However, I decided on 15 years, because I think it is worthwhile to live a bit more modestly and pay a little more monthly payment.
4.The Bible neither explicitly prohibits nor allows borrowing of money. The Bible warns against debt and praises the virtue of not being indebted, but it does not prohibit debt. The Bible speaks of attitudes toward lenders and debtors ( Luke 19:23). In the society in which we live, it is difficult to prepare a house where families can live without a mortgage loan. Loans can benefit debtors and creditors if Christians have a stewardship mission and adhere to the principles of the Bible. However, it cannot be the glory of God for the purpose of speculation or.for the purpose of living a luxurious life. If the debtor makes a loan taking into account his or her income level, safety, and ability to repay debt, and as a follower of Christ, taking responsibility for our decisions and actions, and if creditors invest for the public good, not just for their own interests in supplying resources,it will be a desirable loan that will benefit the debtor and creditor.
Student # 2 S D
Mortgages: 15-year vs. 30-year
3. Analysis Discussion
The advantage of having a 15 year mortgage is less to pay overall between principle and interest payments. You pay the loan off in a shorter amount of time.
The advantage of having a 30 year mortgage is less to pay per month. You can afford to buy a more expensive house. This may be an advantage to a larger family.
I believe that having a 15 year mortgage is the wiser choice, because it is less money for you to pay overall. The more years you add, the more money is required to pay off your mortgage. Take the amount of money from 30 years of paying and compare it to 15 years and its a significant amount more. Imagine investing the difference of $125,000 over 15 years rather than paying somebody else that amount of money.
4. Biblical application
I believe that this verse is valid. When you borrow money that is not yours, you are at the mercy of the lender who can decide anything. If you do not meet the terms of the lender, that person has the power to remove you from your home, no questions asked. This is very much a slave/master relationship. That being said, the average person most likely does not have enough money to buy a home with cash, so the only option is to get money from a mortgage company to assist your home purchase. On one hand you have the Bible and Dave Ramseys teaching of not going into debt but on the other hand, if you neglect to get a mortgage, you will never own property. Part of owning a home is building an investment. Historically, home prices tend to increase in value. The price of that investment for the average person is a mortgage. It seems like the wisdom would be that if you are looking to buy a home, do everything you can to get a 15 year mortgage. This means that youll have to do with less but in the long run is more profitable. The Bible is very correct in this instance. Mortgages are a slave/master relationship.
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