Is 30 years too long, but 15 too short for your mortgage?
Apparently, while most home buyers still opt for a 15 or 30-year mortgage, more are customizing mortgages to meet their individual timelines, reported The New York Times this weekend.
More than 1/6 of homeowners opted for something other than the standard 15 and 30-year options in 2011. Many banks offer packages at 5-year increments, and the third most popular product with loan officers was the 20-year mortgage. However, if you want a more unconventional number of years for a mortgage, you may have to look around.
From the Times:
If you want to match your loan term to a life event and it’s an unusual number of years, like 17 or 23, expect to do some digging. Those loans have limited availability and their price — the rate or fees — could be higher, Mr. Fratantoni said.
Of course, you can always customize the total year amount of your mortgage on your own by paying more than the monthly minimum payment.
This article originally published at https://dc.urbanturf.com/articles/blog/instead_of_30_years_customize_your_mortgage_to_your_timeline/5118.
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