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