Should I get a 15 or 30 year mortgage?
Answers | 2
Has your lender approved you for a 15 or 30 yr mortgage? Do this first (your choice of which). Next, ask your lender to approve you for the other choice. Keep in mind that there are a lot of variables to consider here, as Ted has indicated. So, rather than an apples to apples comparison. Try looking at this through the lens of your specific situation.
From an Investment Management (IM) perspective we look at paying the mortgage off as efficiently as possible through cash flows with a higher ROI. for example with a 5% mortgage, we want cash flows of at least 10% or double the mortgage. Again, there are many variables for this as well. Like, time, investable assets, etc., into the proposed deal structure.
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