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If you are paying mortgage/s plus interest, initially it is supposed to take 30 years to pay it off but because depending on the amount of interest you are paying it would take longer than 30 years and more than what you thought your mortgage would be, right? I don't know much about mortgages please, educate me

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While 30-year mortgages are the most common, they are not the best option, imo. A house is a big purchase, probably the single biggest most will ever make, but the longer the term, the more you end up paying for it. Most cannot buy a house outright, but it's worth the few minutes it takes to compare different length mortgages before deciding what is right for you. I went with a 15-year mortgage and am glad I did.

+332 See / Add Replies

Bozette Bozette

Comments

30 years is the amortization period or term. You pay prime plus interest say the bank rate is 2,99% fixed rate for 5 years. Then pay weekly, pay bi weekly or monthly.

Example:

$300,000 home
20% downpayment = 60,000
Total mortgage $240,000
25 year amortization or term
Mortgage Rate CDN bank = 2,99%
5 Year fixed rate (won't go up or down regardless of the market)
Mortgage payment: $1,135.00 per month x 12 months = $13,620 yearly.

Total at the end of the 25 year term = $340,500

FYI .... Rates and mortgage are renewed after the 5th year. That will affect the end of term balance plus or minus.

Please send me $500 cash in a fedex envelop for my consultation.

+22 Reply

Synyster Synyster

In response to “30 years is the amortization period or term...

I freely asked a question you randomly answered, I don't owe you a sent :)

0 Reply

bird1986 bird1986 OP

In response to “I freely asked a question you randomly...

Cent.

Add another $50 please. (biggrin)

+11 Reply

Synyster Synyster

We were always told that whatever the cost of you home is, you will be paying 3x that amount over the span of 30 years, approximately, with the interest.

+331 Reply

ozzyboy ozzyboy

While 30-year mortgages are the most common, they are not the best option, imo. A house is a big purchase, probably the single biggest most will ever make, but the longer the term, the more you end up paying for it. Most cannot buy a house outright, but it's worth the few minutes it takes to compare different length mortgages before deciding what is right for you. I went with a 15-year mortgage and am glad I did.

+332 Reply

Bozette Bozette

In response to “While 30-year mortgages are the most common...

why do you get an option of a 15 year mortgage is there options?

0 Reply

bird1986 bird1986 OP

In response to “why do you get an option of a 15 year...

Yes, there are options.

+111 Reply

Bozette Bozette

In response to “Yes, there are options.

We did the same because the additional years only added on useless interest. I hear that congress is considering taking away the mortgage interest on taxes. That might be a good idea for the huge mansions but I'd have to think about it for middle America. That was one big help in our getting a house,
plus President Ford gave out a $1,500 real credit on buying a house. I'll always be thankful to him for that.

+111 Reply

ozzyboy ozzyboy

And I asked why?

0 Reply

bird1986 bird1986 OP

In response to “And I asked why?

Why are there options? Why wouldn't there be? Is there only one size clothing you can buy? Only one item on tbe menu at restaurants? Do you only have one option when buying a car?

+111 Reply

Bozette Bozette

In response to “Why are there options? Why wouldn't there...

but it is a mortgage and if you buy a car there is a loan a person usually get and there a fixed loan or a flexible loan to pay options, but you shouldn't be getting a shorter than 30 years +

0 Reply

bird1986 bird1986 OP

In response to “but it is a mortgage and if you buy a car...

A mortgage is a loan.

Why???

0 Reply

Bozette Bozette

In response to “A mortgage **is** a loan. Why???

I know a mortgage is a loan

0 Reply

bird1986 bird1986 OP

In response to “I know a mortgage is a loan

Why do you think only 30-year mortgages should be allowed? Why should people be forced to pay more than necessary?

0 Reply

Bozette Bozette

In response to “Why do you think only 30-year mortgages...

if you pay a 15 year loan/mortgage you will be paying too much you won't be paying monthly you have to pay weekly which is more pressure on you unl;ess you have the money?

0 Reply

bird1986 bird1986 OP

In response to “if you pay a 15 year loan/mortgage you will...

Everyone has different circumstances, needs, and wants. Paying for a house in 15 years didn't make my house payment double what a 30-year mortgage would have been, and I paid a helluva lot less interest.

+111 Reply

Bozette Bozette

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