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Answers (5)
Best Answer
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
25 year is a good option if that's what best meets your needs, but what I don't like about it is you typically don't get any bonus (in terms of a lower rate) to move it to a 25 year (versus the 30 year). Whereas the 20, 15, and 10 each have lower rates than the former respectively. If you take a 30 year and if you're disciplined enough to pay your mortgage at a slightly higher amount than the payment shows, you can keep your exact rate of repayment as you have now. It's a simple equation that any mortgage professional can easily help you with.
And of course, the lower the term the better the rate and the more money you save over the long haul, but if you don't want to swing the extra monthly payment, paying the 30 year like a 28 is a good bet. If the 20 year works into your monthly budget, well then all the better.
Feel free to click on me and get in touch if you'd like a more detailed explanation.
Oh and to answer the question about is anyone offering a 28 or 29 year amortization, I would be surprised if "no one" did but I have never heard of it. I'm sure Clay can point you in the right direction if that's what your heart is set on.
- James Peters, "JamesRPetersSr"
- Contributions:98
Clay has some great advice. If you are serious about not losing years try looking at the 20 year term and if you can save money and reduce your term by 8 or 9 years why not. If you really need to save money monthly then go ahead and go back to 30 years and whenever you have extra cash apply it to the principle and you will see your term reduced..
- Clay Branch, "Georgia Loans"
- Contributions:7837
You can get those terms from several lenders but what is the point? Just get a 25 Year, that way you knocked off a few years plus lowered your payment. Some people would pay too much too, a loan with a 22 year am will be priced with a 30 year rate when they should have taken a 20 Year that is .250-.375% lower in rate. Quicken calls it YOURgage...
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
No, you just need to take out a 30 year and pay extra to have the same end date. Say you have 340 months left just put 340 in a mortgage payment calculator instead of 360 months and it will tell you how much to pay. Otherwise your mortgage lender can tell you or just send me an email or call me and I will let you know.
- Geofrey Merino, "GMerino"
- Contributions:445
There are no term loans like you are describing. That would be really cool though in being able to determine your years that you want to pay back the loan. Hope for the best though in your future financing.
Geofrey M Merino
Refinance options
I'd like to refinance my current mortgage. But i was wondering whether we can get a loan term of 28 or 29 years (in this way - my new refi mortgage would the same as the original one that i currently have).
Is this something that the mortgage brokers offer? And do they charge any additional fee for this odd term?
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