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Mortgage Term
chick006
Posts: 1 Newbie
Everytime your fixed rate mortgage term ends and your looking for the next best deal, should you sign up for 25 years again or should you reduce the time period...? Say I bought a house at 20 and had a 3 year fixed rate and my mortgage is over a period of 25 years. Now that I'm looking to secure a new fixed rate should my mortgage period be for 22 years or 25 years...? Help!!!
0
Comments
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It's your choice. The longer the term the more interest you'll pay and vice versa.0
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If you happy with payments i would pay off over the 22years unless your struggling to meet the payments not that 3 years would make much difference in price0
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if affordable then you should keep the term as short as possible otherwise you will never pay the mortgage offHappily an ex mortgage broker!0
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