Quote:
Originally Posted by SumAznGuy
BTW, Gridlock, you can still get 30 year mortgages. 25 year mortgages only apply to those people with less than 20% down payment.
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Do people really plan on going through their entire 25 years' worth of mortgage even though that's what they've signed up for? Almost everyone with mortgages that I know aim to pay down their mortgages sooner than the full term they are signed up for, and most of those people are also on track to do so. Typically, they are on pace to get everything paid off within a 15-20 year time frame.
Of course, that doesn't exclude the fact that some of them have / will buy again and move into something bigger, and thus starting the 25 year mortgage game all over again. But the general impression that I have with 30 years mortgages is you don't want to get into them unless you enjoy paying lots of interest.