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 archie14p
Joined: 16 Aug 2009
Posts: 65
0.06 Dollars($)
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 Posted: Wed Sep 23, 2009 3:55 am Post subject: how long are morgages often for? |
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| how long are morgages often for? |
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kim090807
Joined: 20 Sep 2009
Posts: 52
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| Posted: Wed Sep 23, 2009 8:58 am Post subject: |
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Term of mortgage is depending upon several conditions. But generally the term people prefer is 25 years. This is due to traditional behaviour. This is traditional length of mortgage.
Generally people can get mortgage of any term.The fairly common term of mortgage is 15 to 20 years. Selecting shorter term has benefitted more. Though shorter term mortgage is more expensive as compared to long term mortgage. As short term mortgage may cause more monthly EMIs, but for long term you are saving interest over length of mortgage.
You can get mortgage that last upto retirement date. But it is not advisible to get mortgage beyond your retirement date. Again people retired at age of 60 to 65 years. At this retirement age they are not affording mortgage payments. So lenders use the traditional approch for providing mortgage terms. |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.96 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9751
Location: bloomfield, ct
35.41 Dollars($)
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| Posted: Wed Sep 23, 2009 2:04 pm Post subject: |
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but she made sure she got her dough, eric.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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