By Directors Financial Group
Weighing out whether to drop the term on your mortgage loan or keep it longer to decrease monthly payments is a tough decision. Find out the drawbacks and benefits to both the 20 year mortgage and 30 year mortgage term. After all, these are the most common terms for home loans today.
Whether you are purchasing or refinancing a home, knowing more about mortgage terms can save you money and prepare you to meet your goals on time. Find out more about choosing a mortgage term and the difference between a 10 year, 20 year, 30 year and all the in between mortgage terms available for home buyers and homeowners.
A 20 year mortgage could be the best option when planning to retire by 65 years old. By refinancing with a lower term you can shave just enough time off your mortgage to retire by the age you want without a monthly mortgage payment. Also, with the 20 year mortgage program your monthly payments will not be much higher than your current payment.
2013 Directors Financial Group - All Rights Reserved - Company NMLS ID 177087 Directors Financial Group (ID #2718700006) is an approved lending institution under the Federal Housing Administration (FHA) which is part of the U.S. Department of Housing & Urban Development (HUD). Loans on properties in California will be made or arranged pursuant to a California Department of Real Estate license # 01815326. If we are unable to service your mortgage we will connect you with one of our associated mortgage bankers who can assist you. Interest rate, program terms and conditions are subject to change without notice. Certain restrictions and conditions will apply - not all applicants will qualify. Granting of loan is subject to credit requirements. NMLS Consumer Access
