Comments on: Why You Shouldn’t Get a 30 Year Mortgage, Ever! http://www.americanconsumernews.com/2007/08/why-you-shouldn%e2%80%99t-get-a-30-year-mortgage-ever.html News for Consumers in Changing Times Sun, 12 Feb 2012 04:49:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Brian http://www.americanconsumernews.com/2007/08/why-you-shouldn%e2%80%99t-get-a-30-year-mortgage-ever.html/comment-page-1#comment-816 Brian Tue, 14 Aug 2007 02:59:00 +0000 http://www.americanconsumernews.com/2007/08/why-you-shouldn%e2%80%99t-get-a-30-year-mortgage-ever.html#comment-816 I agree with the previous two posters. If you didn't overstretch yourself on the 30 year mortgage, you have much more flexibility. You will be able to weather layoffs or any other bad situation that arises. I agree with the previous two posters. If you didn’t overstretch yourself on the 30 year mortgage, you have much more flexibility. You will be able to weather layoffs or any other bad situation that arises.

]]> By: Anonymous http://www.americanconsumernews.com/2007/08/why-you-shouldn%e2%80%99t-get-a-30-year-mortgage-ever.html/comment-page-1#comment-813 Anonymous Tue, 14 Aug 2007 01:36:00 +0000 http://www.americanconsumernews.com/2007/08/why-you-shouldn%e2%80%99t-get-a-30-year-mortgage-ever.html#comment-813 There's no reason you "have" to take 30 years to pay down a 30 year mortgage...it just gives you the option of taking that long (assuming you don't take out a mortgage with prepayment penalties). If the interest rate isn't hugely higher for the longer term mortgage, you could easily make the argument that you should take the longer term. It gives you the flexibility to pay more or less every month, instead of being forced to always pay more.<br/><br/>I guess this depends on how important you think it is to get completely out of debt (I don't think it's that important) and how undisciplined you are (if you are very undisciplined it might be good to force yourself to make a larger mortgage payment). It also depends on how soon you expect to sell your home, etc. There’s no reason you “have” to take 30 years to pay down a 30 year mortgage…it just gives you the option of taking that long (assuming you don’t take out a mortgage with prepayment penalties). If the interest rate isn’t hugely higher for the longer term mortgage, you could easily make the argument that you should take the longer term. It gives you the flexibility to pay more or less every month, instead of being forced to always pay more.

I guess this depends on how important you think it is to get completely out of debt (I don’t think it’s that important) and how undisciplined you are (if you are very undisciplined it might be good to force yourself to make a larger mortgage payment). It also depends on how soon you expect to sell your home, etc.

]]> By: Anonymous http://www.americanconsumernews.com/2007/08/why-you-shouldn%e2%80%99t-get-a-30-year-mortgage-ever.html/comment-page-1#comment-812 Anonymous Tue, 14 Aug 2007 00:19:00 +0000 http://www.americanconsumernews.com/2007/08/why-you-shouldn%e2%80%99t-get-a-30-year-mortgage-ever.html#comment-812 Never say "ever?"<br/><br/>There are some good reasons to get a 30 year mortgage: free up cash flow for running a business or investing.<br/><br/>I have a 30-year mortgage. I pay an additional 1/2 payment each month to achieve, in essence, a 15-year mortgage, and have done so since the loan's inception. However, should I need that liquidity in the future, I have options. Never say “ever?”

There are some good reasons to get a 30 year mortgage: free up cash flow for running a business or investing.

I have a 30-year mortgage. I pay an additional 1/2 payment each month to achieve, in essence, a 15-year mortgage, and have done so since the loan’s inception. However, should I need that liquidity in the future, I have options.

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