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Mortgage Tips: 50 Year Mortgages, Are They Better than a Interest Only Loan?

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Basics of 50 Year Mortgages. Most 50 year mortgages are fixed rate mortgages. They are built so that you pay off the loan over 50 years. This is relatively long, since most mortgages are 15 or 30 year mortgages. Even if you don’t actually keep a 50 year mortgage for 50 years, the loan is designed with a 50 year timeframe in mind.

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The most common type of mortgage are fixed-rate 15- and 30-year terms. You’ll also come across interest-only mortgages and payment-option ARMs, but these types of mortgages are more complex and could lead to financial trouble if you’re not careful.

15-year loans may appear to save money over 30-year loans because they have a lower interest rate, but I would much rather have the flexibility of a 30-year loan. Buying rental properties is a great investment, especially when you are able to use a mortgage to buy the properties and still get great cash flow.

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Why a 30-Year Mortgage is Better Than a 15-Year Mortgage.. that practically all 30 year mortgages can be paid down on a monthly basis as if they were 15 year mortgages, as long as the larger monthly payment does not exceed the prepay limit of the loan.. the property and repeat three of.

Some people get a 30-year mortgage, thinking they'll pay it off in 15 years.. And it's only human, so why give yourself the option of slacking off?. you'll also make payments for twice as long and give the bank thousands more in interest.. paying off the principal faster, you'll pay a lot less in interest over the life of the loan.

The borrower may consider an interest only mortgage if they:. The borrower can end up owning more than what was originally borrowed.. However, it is difficult to predict what interest rates will be in ten years, so if the loan balance is higher than. Some mortgages, which includes interest only mortgages have penalties .