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Old 01-31-08, 01:10 PM
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Question Mortgage term

How long is your mortgage term? 30 years? 15?
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Old 01-31-08, 01:12 PM
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Our plan is to get a 15year mortgage when we buy our next home. We want to have it paid off well before retirement so that our incomes will go to savings, retirement, college etc instead of the bulk going to a mortgage. We're hopeful that with the declining home prices that we can get a nice home for a great price and be able to afford the 15yr mortgage. We plan on staying in our next house for a LONG time.
 
Fingers crossed our plan works out!
 
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Old 01-31-08, 01:43 PM
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Ours is 30 and we have something like 25 years left. We've been in this house for almost 5 years. When I get back to work we'll start making double payments or something to try to pay down sooner.
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Old 01-31-08, 03:30 PM
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We're currently in a 30-year, but our previous home was a 15-year. We much preferred that and only took the 30-year since we we had two mortgages.

As the rates continue to decline, we will likely refinance into a 15-year and hopefully pay it off in 7-ish years.
 
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Old 02-01-08, 12:42 AM
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We have a 30yr right now, but try and pay atleast 2 extra payments a year to pay it off quicker.
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