From 'down payment' to 'adjustable rate' to 'debt-to-income' ratio, there are so many terms involved in the mortgage process that it can be hard to learn them all and keep them straight. If you're currently considering the period of loan you should choose, here are some things to think about before taking on a term.
Buying a home is one of the largest investments you will make in your life, and that's why so many people have longer mortgage amortization periods to pay down the principal. While it may seem appealing to have a longer amortization period, here's why an extended loan term can end up costing you more and may be less financially beneficial when it comes right down to it.
A 15-year fixed mortgage is, as its name suggests, a mortgage that's paid off after 15 years. Since it amortizes fully, after that amount of time you won't have to pay anything else. This type of mortgage has a lot of benefits, and in this article we'll share just a few of them.