As the economy continues to improve, many home owners are looking to improve their overall financial situation and look to a 15-year mortgage only to find they either can’t qualify or can’t afford the higher payment schedule.
Enter – or re-enter – the 20-year mortgage which obviously pays off the loan ten years early but isn’t quite as difficult to manage as a 15-year.
Forever, some 20-year loans may be less expensive than 30-year choices and mortgage insurance costs may be cheaper as well.
A chance to save money – what’s not to like?
Hazel Adams says
It is interesting for me to learn a little bit about mortgages. I think that it is important to be able find a mortgage that fits your income. I think that you need to pay it quickly too.