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| Ours is a 30 year mortgage. IMO, there's nothing wrong with it if it means getting a start to buying a house. We had to take that mortgage to get our house, our interest rate is low, and we made sure we were allowed to put on a lot of extra payments, as we plan on paying off as fast as we can.
 Kaisa & Sid - June 30, 2007
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kaisag (5/26/2008)
Ours is a 30 year mortgage. IMO, there's nothing wrong with it if it means getting a start to buying a house. We had to take that mortgage to get our house, our interest rate is low, and we made sure we were allowed to put on a lot of extra payments, as we plan on paying off as fast as we can. In my opinion, this is all you need to do. When people hear 40 yr mortgages, they assume others will actually take 40 years to pay it off. If you go with the accelerated option, PLUS you put extra payments...sounds good to me.
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| I would highly advise anyone, no matter what length the mortgage is, to go with the accelerated plan. We're paying weekly payments, so it's still the same amount as paying once a month, but it's broken up and you save a butt-load of interest! If 30 or 40 year mortgage is what it takes to get started, what's wrong with that?
August 23, 2008 ~ Best.Day.Ever
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Beltsie (5/26/2008)
I would highly advise anyone, no matter what length the mortgage is, to go with the accelerated plan. We're paying weekly payments, so it's still the same amount as paying once a month, but it's broken up and you save a butt-load of interest! If 30 or 40 year mortgage is what it takes to get started, what's wrong with that? Ohh ya...we havent decided to go weekly or bi weekly yet but....thats a GREAT idea!
Chulie ~Countdown to November 1,st 2008~
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| We just bought a house and currently have a 25 year mortgage. We are going the accelerated route and on top of that plan on paying the extra 15% per month and per year. Hopefully, it will all be said in done in about 15-20 years, but we really don't plan on staying in the house that long. I really think that everyone should decide what is best for them. I know that owning a home seems to make so much more sense to the majority of people but sometimes renting really is the best plan. Some banks have renting vs owning calculators even to help you figure out what is best for you.
I' m no angel, but I've spread my wings a bit
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FH and I have a 25 year mortgage, and are paying bi-weekly. Out here in BC its expensive to buy. For our brand new 4 bedroom, 3 floor townhouse it was $310K. So for some a 40 yr mortgage is the only way to go. For some people who only have a 70K a year salary combined a 25 year mortgage and a $310K house is not in the stars for them!!! So do whatever it takes to get into the door, but when you re-mortgage in 5 years, check your finances then. But hey, getting your foot in the door for the first 5 years is better than wasted money on rent right??!!!
Live, Laugh, Love, But always Dream.....
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