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 Posted: Mon Mar 29, 2010 1:56 pm GMT Post subject: 20 years mortgage? |
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| There seem to be only 15 or 30 years mortgage rates. Do banks offer 20 years mortgage? Any idea? |
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GenXer
Joined: 20 Feb 2009
Posts: 703
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| Posted: Mon Mar 29, 2010 6:34 pm GMT Post subject: |
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| Yes, as far as I know. Can you tell how popular it is? This should tell you something about the insanity that's going on - the more popular mortgage than 20 year one is probably the 40 year one... |
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JCK
Joined: 15 Feb 2007
Posts: 559
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| Posted: Mon Mar 29, 2010 7:44 pm GMT Post subject: |
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They exist, but the rates are usually pretty close to a 30 year mortgage (maybe 1/8% lower?)
If you shop around, you'll probably see that the 15 year will provide you a bigger discount on rate as compared to the 20 year. This difference makes the 15 year a better value, assuming you can afford the higher payment. |
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CC
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| Posted: Mon Mar 29, 2010 9:19 pm GMT Post subject: |
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| Thanks! I thought 20 years mortgage rates should be close to a 15 years rate though...... |
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Kaidran
Joined: 17 Mar 2010
Posts: 289
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| Posted: Tue Mar 30, 2010 12:36 pm GMT Post subject: |
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| Unless you have really really firm finances you are probably better off getting a 30 year and making regular extra payments. |
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balor123
Joined: 08 Mar 2008
Posts: 1204
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| Posted: Tue Mar 30, 2010 1:52 pm GMT Post subject: |
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| GenXer wrote: | | Yes, as far as I know. Can you tell how popular it is? This should tell you something about the insanity that's going on - the more popular mortgage than 20 year one is probably the 40 year one... |
Anyone else notice there's increasing tendency for people to take mortgages well past the age that they stop or will likely stop earning income? That only increases their dependence of getting a good price for the house.
There's two changes I'd like to see to mortgages now:
* Don't allow a mortgage to be taken on which extends past retirement age (65)
(and don't allow retirement benefits to be used while maintaining an active mortgage)
* Don't allow mortgages more than 4x income
* Don't allow mortgages for land purchase (from before)
How much better would we all be if these steps had been taken 50 years ago when government sponsored mortgages were first conceived? |
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GenXer
Joined: 20 Feb 2009
Posts: 703
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| Posted: Tue Mar 30, 2010 5:34 pm GMT Post subject: |
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| Between nesting instincts and easy credit, the sky is the limit. If you roll it out, they will come... |
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