whats the lowest amount of years you can make your mortgage

[DevilsCharm]

I know the average mortgage year is 30, but can you get it much lower, say 20? I suppose if you did the interest rate would spike through the roof though... I guess it would be a dream to have a 20 year mortgage and the low rate of a 30 year.

[Kaabi]

Well then dream on, cause if you want to find a deal like that you'll probably have to live in a shack.

[Goldking]

well...devilcharm, the average mortgage of 30 years is much more sufficient for a man to live in pleasure before 30 years passes off .That means the period of 30 years is sufficient for a man to repay the debts .No doubt he will be able to do that , according to me .
If not so the next generation of that particular man will repay the debt.

[bct]

30 years is the max i think and best amount of years to make your mortgage

[wolffkelly]

today mortgate rates and years, run the gambit. they are new programs opeing up every day! what rate are you looking for, and how many years on the mortgage?

[taiarain]

You can get mortgages from 15-30 years. You're likely to get a lower interest rate on shorter term mortgages. We refinanced from a 30 year to a 20, saved in interest, and saved over the length of time that we'll be paying back.

[Lyricb]

When I was working in the mortgage business the shortest amortization for a fixed rate mortgage loan I encountered was fifteen years. I think you can get shorter amortizations with variable rates, but who wants an ARM right now anyhow?

You can make your own amortization schedule using one of the many available ones online. Just make sure your finance company doesn't charge a prepayment penalty, and be sure to specify the extra payments are to be applied to principal only. Otherwise you may find all the extra money sitting in your account to pay property taxes.

[taiarain]

Originally Posted by Lyricb

Just make sure your finance company doesn't charge a prepayment penalty, and be sure to specify the extra payments are to be applied to principal only. Otherwise you may find all the extra money sitting in your account to pay property taxes.

Two good points. On the first, double check the penalty. Also, it may be illegal in your state to charge such a penalty.

On the second point, consider a program where you are only repaying the cost of your home. Why let your bank make extra money off of you? I transfer 1/12th +10% of our annual property taxes and homeowner's insurance into an interest bearing account throughout the year and pay myself when do. Why let the mortgage company earn interest on my money?

Taia

[Lyricb]

Taia, some mortgage companies will charge extra to allow you pay your own property taxes and homeowner's insurance. Kind of a scam, I know, but people need to be aware of that.

[OneofaKind]

Although you may have to pay a penalty to do so, you can pay of your mortgage at anytime. At least in the UK.

Any penalty payable would be in no way comparable to how much you would otherwise pay on a mortgage.