Mortgage amortizations need to be recalculated. People would be able to pay off mortgages faster and possibly upgrade homes at a faster pace to account for new homebuyers. Another thought would be to have interest-free mortgages for the 1st 10 years so all funds paid would go straight to principle and after 10 years, interest would not be accrued from Day 1 but starting in the 11th year on the balance as of that date. We also need to eliminate PMI - total waste of money!! Escrow should not add an unlimited increase to mortgage payment - property taxes should be eliminated after 5 years. Homeowners insurance should be capped as well…the possibilities are endless to actually help home buyers instead of lining pockets of banks/counties/insurance companies!!!
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