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Profile picture for AnotherOldGuy

15 and 30 year mortgages together ?

Hello, I am 58 and will be buying a new home soon. I don't care about having the property paid for at time of my retirement. But I would like to minimize the payment during my retirement. To accomplish this can there be two mortgages on the home, say 15 year and 30 year mortgages with the total loan apportioned between them? I will put down a substantial amount (30-35%)
  • January 07 2010 - US
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Answers (3)

I don't understand how or why that would help.   There are Home Equity lproducts that allow you to have several different loans within them, but the fixed rates loan within will have much higher rate than traditional first position mortgages.

If you do not intend to pay the house off by retirement, a 30 year loan should fit best, and if you want to pay extra into principal before you retire you can always do so.
  • January 07 2010
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Profile picture for wetdawgs
Have you considered a 30 year loan where you pay as fast as possible before retirement, then slow down to the standard rate of payment after retirement?   Another way to do it would be to refinance to the 30 year pay off at retirement.
  • January 07 2010
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Profile picture for SoCal Engr
I agree with Justin and WD, you should probably be looking at getting the best terms you can on a 30-yr fixed - and then make accelerated payments. Just be sure there is no restrictions on early payoffs.

If, further down the road, it makes sense to refi to lower the payments or make other changes to rate/terms, then that would be the time to consider alternatives (i.e., vice trying to set up a multiple-mortgage scheme now).
  • January 07 2010
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