Posts Tagged‘home’

Why would you reduce your mortgage term, and how much can you save?

During the term of a mortgage, 30-year mortgage might not seem like such a good idea anymore. A more careful deliberation of current economic and personal income realities can make a longer term mortgage less feasible than a shorter term one. In such cases, reducing your mortgage term would be a more preferable option. There are a few reasons why you would want to reduce your mortgage term and each one offers distinct advantages. ┬áCheaper interest rates The major advantage of shorter term mortgages is that the interest rates charged on shorter term mortgages are lower than longer terms mortgages.…