Posted on: 03rd Apr, 2013 01:04 am
Hi… I need to know what the duration of the 30 year mortgage is. The annual rate of interest is 7%.
Hi Guest,
Well, if it's a 30 year mortgage, then the duration of the loan will also be 30 years. Now, you always have the option of pre-paying your mortgage.
Take care.
Well, if it's a 30 year mortgage, then the duration of the loan will also be 30 years. Now, you always have the option of pre-paying your mortgage.
Take care.
Hi Guest!
Welcome to the forums!
I agree with what Sara has said. However, note that you may have to pay a pre-payment penalty if you pay off your loan too early.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I agree with what Sara has said. However, note that you may have to pay a pre-payment penalty if you pay off your loan too early.
Feel free to ask if you've further queries.
Sussane