whats the lowest amount of years you can make your mortgage

[poorgirl]

I believe that it may go as low as 10 or 7.5. I had a 30 year (I was 5 in, had 25 left to pay) at 8.25 percent. I refinanced last year for a 15 year at 6.0 percent. You can pay more on the principal each month and that would lessen the amount of interest and it would lessen your term. You would want to check with you Mortgage company and make sure that you can do that on your account.

[r8rpwr]

We don't escrow on any of our houses (in addition to owning a home, we also have rental properties). I agree it's ridiculous that the bank charges you to make payments on interest/taxes that are yours to make. Yet another way to squeeze fees out of you. However, I still do it. I prefer to keep the cash in my own account until it's needed, not let the bank hoard it and earn the interest.

Some loans have prepayment penalties and some do not. Generally the lowest interest rates carry a prepayment penalty along with them.

[ferby03]

We do have an escrow on our insurance because the lender was able to get us a rate of more than $500 a year less than any I found on my own. Plus, it is paid automatically and I don't have to worry about it.

My mom has a ten year mortgage, which she will have paid off next year. I don't know if you can get this through a traditional bank or not, she went through the individual that she bought her home from. But her interest is rather high at 10%. My mortgage is 5.8% but I'm paying for 30 years.

[Avian]

It is really a little pointless to even speculate on the matter, because every bank and finance company will have their own rates and policies.

[Raquelita]

For fixed rate mortgaged you can get a 15 year or a 30 year. You will pay less interest in a 15 year but the monthly payments will be higher.

[muslgrl]

the intrest raye would be lower but the Pricipal you pay back would be higher so your payments would be higher

[derdo]

Yes!! Nice information that you have shared with us.
Thank you very much

[spencer24]

You can take out even a 1 year mortgage if you qualify, but chances are that most people don't...