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Your mortgage length?

?

  • Don't have a mortgage

  • <= 9

  • 10 - 15

  • 16 - 20

  • 21 - 25

  • 26 - 30

  • 31+

Results are only viewable after voting.
S

Syringer

Lifer
To anyone with a mortgage..what length did you opt for?

As a 26-year-old renter, it always baffles me when people my age or around there enter into 30-year mortgages. If I were to start one today it's essentially a contract that'll last until the year 2040 :awe:

WTf is life going to be like in 2040?
 
i'm 5 years into my 30 yr mortgage. i haven't paid a single payment in 2 years. waiting for them to evict me. stupid banks.





















just kidding. i'm sure the conservative haters were bout to have a heart attack. mortgage sucks. americans are too stupid to understand the concept of compounded interest to make informed home buying decisions. this includes me.
 
you do it because it is safer. You can always pay extra into the principle and kill it off in less time. The extra you pay due to higher interest rate is often times worth the added convenience. Plus it gives you more liquid funds so that you can actually put stuff into the home.
 
Syringer said:
To anyone with a mortgage..what length did you opt for?

As a 26-year-old renter, it always baffles me when people my age or around there enter into 30-year mortgages. If I were to start one today it's essentially a contract that'll last until the year 2040 :awe:

WTf is life going to be like in 2040?
Click to expand...

I'll be signing my mortgage papers tomorrow. 30 years. I have no intention of staying there for 30 years, or more than 5 for that matter.
 
I have a 30 year mortgage on a house I won't be in more than five years. I did it to minimize payments during that time.
 
Tiamat said:
you do it because it is safer. You can always pay extra into the principle and kill it off in less time. The extra you pay due to higher interest rate is often times worth the added convenience. Plus it gives you more liquid funds so that you can actually put stuff into the home.
Click to expand...

Exactly. 30 year gave me a lot of flexibility even though I'd probably be approved on a 15 in my place.
 
Started with a 30yr, refied to a 15yr, and paid that off early. What folks say about a 30yr and flexibility is true. The important thing is to read everything before you sign and do the math. As your life situation changes, redo the math and see if extra payments or refinancing make sense.
 
Syringer said:
To anyone with a mortgage..what length did you opt for?

As a 26-year-old renter, it always baffles me when people my age or around there enter into 30-year mortgages. If I were to start one today it's essentially a contract that'll last until the year 2040 :awe:

WTf is life going to be like in 2040?
Click to expand...

When I was 27 I went to get my MBA. I looked at renting a house but at my acceptable price level the houses were pure shit. For an extra $100 a month I bought a house. I took out a 30 year mortgage, lived in the house for 2 years, then sold it for a $7,500 profit.....and this was way before the housing bubble started. Seemed like a good deal at the time and in retrospect seems pretty good too.
 
Syringer said:
WTf is life going to be like in 2040?
Click to expand...
In your case, it appears you're going to be a 56 year old renter.

My situation is nearly identical to that of IronWing. Living in the home right now. A 30 year mortgage initially at believe it or not, almost 16%. A refinance a little over a year later to another 30 year as rates dropped. A last refinance for 15 years as rates neared bottom. Then I paid that one off early.
 
Standard 30 year loan. If you still plan on being in the same place for a long time, in 2040 people would probably be jealous of the low payments you have to make every month.
 
30 years, have been in house for 4 years was 2.5 years ahead and last look due to extra paid. I refinanced and lowered my payment by a good percent for 30 years and will pay extra on it as well. if I pay the same I was paying before it knocks it down to 15 years.

We did the 30 for more flexibility.
 
I got a 15 year mortgage because after we refinanced 10 years ago, our payments only went up a little bit (lost PMI, lower interest rate) going to 15 from 30. We'll have our house paid off before our oldest son goes to college so it all worked out great.
 
We did ours at 20years. 30 years did not lowwer payments to the level it would change our lives. But saving 10years does.
 
Syringer said:
To anyone with a mortgage..what length did you opt for?

As a 26-year-old renter, it always baffles me when people my age or around there enter into 30-year mortgages. If I were to start one today it's essentially a contract that'll last until the year 2040 :awe:

WTf is life going to be like in 2040?
Click to expand...



26? Wait until you are 27 and perhaps the light will come on and you will have a flash of the blindingly obvious.

There are many reasons why people sign 30 year mortgages. The main reasons are:

1) They cannot afford the higher principle payments of a shorter mortgage.

2) They want the flexibility of a 30 year mortgage vice a 15. You can pay off a 30 year in a shorter time if you wish but cannot pay a 15 year at 20 ... unless you want to be foreclosed on.


I paid my 28 year loan off at 18 years and had only paid 1/3 of the principle by that time.
 
SearchMaster said:
I got a 15 year mortgage because after we refinanced 10 years ago, our payments only went up a little bit (lost PMI, lower interest rate) going to 15 from 30. We'll have our house paid off before our oldest son goes to college so it all worked out great.
Click to expand...
Excellent. My goal was to have it paid off before I retired. Mission accomplished.
 
There are also tax benefits to having a mortgage and home ownership in general. I keep hearing rumblings of the mortgage deduction being eliminated though.
 
A 30 year mortgage doesn't mean you're required to stay there for 30 years.

Depending on the situation, you can sell for no loss after less than 5 years. (factoring in closing costs, realtor fees, etc...)
 
I think those crazy 'housing bubble' 40 year mortgages were nutz. The 30 year was always fine by me but 40? wow.
 
I didnt know I was supposed to have a mortgage. Does that come before or after getting married? Because I havent done that either.
 
Syringer said:
To anyone with a mortgage..what length did you opt for?

As a 26-year-old renter, it always baffles me when people my age or around there enter into 30-year mortgages. If I were to start one today it's essentially a contract that'll last until the year 2040 :awe:

WTf is life going to be like in 2040?
Click to expand...

I take it you never took a finance class.
 
30 Years @5&#37;, start earlier this year. Adding extra payments each month and at this rate, I project it to be paid off in 10 years.
 
Syringer said:
To anyone with a mortgage..what length did you opt for?

As a 26-year-old renter, it always baffles me when people my age or around there enter into 30-year mortgages. If I were to start one today it's essentially a contract that'll last until the year 2040 :awe:

WTf is life going to be like in 2040?
Click to expand...

Not everyone can afford a 15 year mortgage....the cost is too high. Also, by doing a 30 year you have payments comparable to what you rent. In boston, you actually pay less than rent now.
 
I rent an apartment. I would love to buy a house but at this point in my life I would rather live in downtown and just rent.
 
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