When shopping for a home loan , for a new home or to refinance in your existing primary residence, avoid the temptation to stay with a 30 year term. Also, if you are like the average homeowner, you will move residences about every 7 years. If you continually open new 30 year loans, you will eventually find yourself in your fifties with a 30 year mortgage in front of you. Better to shorten the term to 15 years or even ten years if you can manage the payment. It is important to remember that the longer you extend your mortgage, the more you will end up paying on the interest rates.
Categories
- Arts (46)
- Autos (66)
- Business (312)
- Health (265)
- Home (236)
- Miscellaneous (215)
- News (10)
- Reference (53)
- Sports (33)
- Technology (143)