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?

Report Question Report

  Leave Answer

Log in or sign up with email
By submitting you agree to our Terms of Service

  Answers  |  2

January 07, 2014

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() | 07.16.18 @ 01:05


April 24, 2017

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() | 07.16.18 @ 01:05


  Our Professionals Are Available to Help!

  Can't find What You're Looking For?