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Mortgage term

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  • tammiane tammiane's Avatar 01-31-08 | 02:10 PM
  • How long is your mortgage term? 30 years? 15?
  • tammiane tammiane's Avatar 01-31-08 | 02:12 PM
  • 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!
     
  • SnowboardingMommy SnowboardingMommy's Avatar 01-31-08 | 02:43 PM
  • 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.
  • Dopey406 Dopey406's Avatar 01-31-08 | 04:30 PM
  • 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.
     
  • Emery Emery's Avatar 02-01-08 | 01:42 AM
  • We have a 30yr right now, but try and pay atleast 2 extra payments a year to pay it off quicker.