Asked by
Katie
|
Submitted November 18, 2013
I thought mortgages had to be 30 years long, but I’ve heard of 10-year and 15-year mortgages. What are the advantages and disadvantages of shorter timeframes?
Answers | 2
Two advantages. The first being you pay off your house faster, the second is that shorter term loans generally have lower interest rates than 30 year mortgages.
$commenter.renderDisplayableName() | 01.25.20 @ 22:45
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Disadvantages of a shorter term loan is a higher payment that what a 30 yr loan requires if you can afford the higher payment for a 10 or 15 yr fixed easily - this is definitely the best option to use. If the higher payment makes you nervous or doesn't fit the budget - use a 30 yr fixed and just make additional principal payments if you can
$commenter.renderDisplayableName() | 01.25.20 @ 22:45
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