Posted on: 23rd Sep, 2009 03:55 am
how long are morgages often for?
Term of mortgage is depending upon several conditions. But generally the term people prefer is 25 years. This is due to traditional behaviour. This is traditional length of mortgage.
Generally people can get mortgage of any term.The fairly common term of mortgage is 15 to 20 years. Selecting shorter term has benefitted more. Though shorter term mortgage is more expensive as compared to long term mortgage. As short term mortgage may cause more monthly EMIs, but for long term you are saving interest over length of mortgage.
You can get mortgage that last upto retirement date. But it is not advisible to get mortgage beyond your retirement date. Again people retired at age of 60 to 65 years. At this retirement age they are not affording mortgage payments. So lenders use the traditional approch for providing mortgage terms.
Generally people can get mortgage of any term.The fairly common term of mortgage is 15 to 20 years. Selecting shorter term has benefitted more. Though shorter term mortgage is more expensive as compared to long term mortgage. As short term mortgage may cause more monthly EMIs, but for long term you are saving interest over length of mortgage.
You can get mortgage that last upto retirement date. But it is not advisible to get mortgage beyond your retirement date. Again people retired at age of 60 to 65 years. At this retirement age they are not affording mortgage payments. So lenders use the traditional approch for providing mortgage terms.
Kim
Where do you get your information from? I beg to differ. I would say the term most people prefer is 30yrs....the most popular product on the market is the 30yr fixed.
Where do you get your information from? I beg to differ. I would say the term most people prefer is 30yrs....the most popular product on the market is the 30yr fixed.
but she made sure she got her dough, eric.
