Mortage length

[lammchen1]

How many years did you choose for your mortgage and what helped you come to the conclusion that it was the right term for you?

We started off with a 30 year mortgage on our first home and the reason is because the rates were at 10% when we first bought! That was an awfully high amount but later we we refinanced when the rates dropped. Our current home mortgage is 20 years and that means when my husband retires it will almost be paid off.

 

[aeowulf]

Ideally, the shorter the term, the more money you save. At the same time, I went with a 30 because "just in case" something happens I should always be able to make the payments. I just add extra principal payments to shorten the term overall, so I still pay less interest with the safety net.

To do that, check with your lender first as they're not all accepting of early-payoffs. I selected mine specifically (among other things) for their acceptance of the practice.

There's also the thought that thanks to interest, you'll be paying less of a percentage of your income to the mortgage 30-years from now. So there's a lot of ways to play that game.

 

[Xyphien]

My first home was 30 year mortgage, my next home will be fairly cheap due to the new location I moved to so I'm expecting the bank to not allow a 30 year mortgage on it, so I'm thinking it'll be around 15 years instead.

 

[mayumi97]

I chose the longest term to ensure that I'll be able to pay off comfortably for the duration of the term. At the same time, when there were bonuses or extra cash, we paid off several months in advance to shorten the term and allow us to save slightly on interest. Before making advance payments, we made sure that there are emergency funds to cover mortgage payments for several months in case of job or income loss. We will use the fund to accelerate the payment when we reach the last few months of the term.

 

[Alexandoy]

When we got a mortgage from the bank, our term was 9 years because that is the maximum allowed for my age. The installment was quite high but we had no choice so we persevered by cutting down on spending. If the term was longer then the monthly installment would have been comfortable for us.

 

[Pousinha]

I never asked for a mortgage, but my parents yes, they did, when they bought the apartment I finally inherited and sold. Their mortgage lasted 14 years. My parents hated debts, so they were in a great hurry to repay the bank as soon as possible. They completely quit whatever leisure, holidays, restaurants, even they stopped buying new clothes, sticking with their old ones. They carried on such a life no one among our acquaintances in my former country would never carry under any circumstances. But they could quickly repay the bank as they wanted. My best friend sticks with a similar situation with her mortgage, whose length is 40 years, but she hasn't enough resource to avoid a so strictly frugal life.

 

[kayode10]

I am still living in a rented apartment. I am yet to have enough cash as a down payment to obtain a mortgage for the kind of house I want. The majority of the mortgage duration over here is usually between 20 years to 35 years just like you stated in your post.

 

[HayKay]

Waoh. 30 years? That's a real good decision or help from your government because I know that it'll be relatively cheaper than shorter mortgage periods.
Ill definitely take this opportunity if I were you as well.

 

[glitch]

I am looking at doing a 30-year mortgage. I have been preapproved already and am house hunting at the moment. The reason why I would go with a 30 year over a 15 or 10 is so I have wiggle room in case finances get tight. I want to make sure I can still afford to pay the mortgage.

 

[Busybee]

If you are young go with the highest possible years for a mortgage. Because each and every year money gets devalued around 7 to 8 %. So it becomes basically free money after a while. And you can redirect your remaining cash or earnings to other investments or projects, instead of paying one home loan, you can pay multiple EMI for multiple projects. This would build your real estate portfolio really fast. And you will be on your way to financial independence.

 

[HK World]

How many years did you choose for your mortgage and what helped you come to the conclusion that it was the right term for you?

We started off with a 30 year mortgage on our first home and the reason is because the rates were at 10% when we first bought! That was an awfully high amount but later we we refinanced when the rates dropped. Our current home mortgage is 20 years and that means when my husband retires it will almost be paid off.

Choosing a 25-year term will be cheaper in the long run, but make sure you can afford the higher monthly payments. If a shorter term makes repayments too expensive, consider the longer 30-year term.

 

[Good-Person]

I am still living in a rented apartment. I am yet to have enough cash as a down payment to obtain a mortgage for the kind of house I want. The majority of the mortgage duration over here is usually between 20 years to 35 years just like you stated in your post.

I have never taken loans in my life. I usually borrow a very small amount of money from my family. However, I have avoided taking loans when it comes to borrowing huge amounts of money because I have seen majority of the people suffering after getting a loan.

 

[tyrim88]

One of the things that any individual that is into active service and wants to buy an insurance plan,he should go for the scheme that will suit him and be beneficial to him in he long run,with that he will be able to pay with ease.

 

[Good-Person]

One of the things that any individual that is into active service and wants to buy an insurance plan,he should go for the scheme that will suit him and be beneficial to him in he long run,with that he will be able to pay with ease.

There are many so-called insurance companies that do offer benefits but you may never know what they are up to. They are so desperate to offer you investment plans and this could be a big red flag.

 

[tyrim88]

There are many so-called insurance companies that do offer benefits but you may never know what they are up to. They are so desperate to offer you investment plans and this could be a big red flag.

That is actually a fact,this is so because there are lots of persons who have had some issues with insurance company,it could be as a result going to the extrem to verify cases of insurance claims.

 

[Setho]

I also believe that anything around 30 years for the payment of a mortgage is ideal. You will not want to choose something that at the end of the day you will keep on defaulting.

 

[Smiles20]

The amount of money that I am making in a month and evaluating the worst case scenario is what brought about how much to determine I was going to pay for my mortgage.

 

[Good-Person]

That is actually a fact,this is so because there are lots of persons who have had some issues with insurance company,it could be as a result going to the extrem to verify cases of insurance claims.

Insurance claims and companies could cause you to become annoyed in the end. I live in a country where insurance is not mandatory. This is why many people do not need to undergo such kind of stress. However, the process of insurance is much smoother in many western countries.

 

[Bbwoy95]

Some financial institutions require that you live in your home for at least 12 months before you rent it out to anyone else. I think that decision on these things should be determined by net income. But I prefer like 1 year
. I don't like rents.

How many years did you choose for your mortgage and what helped you come to the conclusion that it was the right term for you?

We started off with a 30 year mortgage on our first home and the reason is because the rates were at 10% when we first bought! That was an awfully high amount but later we we refinanced when the rates dropped. Our current home mortgage is 20 years and that means when my husband retires it will almost be paid off.

The amount of money that I am making in a month and evaluating the worst case scenario is what brought about how much to determine I was going to pay for my mortgage.

I strongly agree with you. It should be determined by the net income received. But I'll go for a low renting duration since I'm not a fan of renting items especially for long period.

 

[frederick_9]

A mortgage can typically be as long as 30 years and as short as 10 years. Short-term mortgages are considered mortgages with terms of ten or fifteen years. Long-term mortgages usually last 30 years.