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jam11308
Member since 11/07 7273 total posts
Name:
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Mortgage Length
We're about to refinance and I'm just curious about how long everyone's mortgage is...
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Posted 6/9/09 10:04 PM  |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Mortgage Length
we're currently refi-ing a 30yr into a 15yr.
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| Posted 6/9/09 10:28 PM |
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jam11308
Member since 11/07 7273 total posts
Name:
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Re: Mortgage Length
That's what we're about to do too  We had never considered it before, but now that we are it made me curious about what other people have/are doing!
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| Posted 6/9/09 10:35 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Mortgage Length
Previously, we had a 15. We currently have a 30, but will hopefully pay it off closer to 15. After being required to stick to a 15 year payment plan for years, we realized that having a 30 year plan, and trying to pay it off in 15 gives us the benefit of backing down to the lower 30 year payments each month if we are tight on money. If we are OK with money, we can pay on a 15 year schedule.
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| Posted 6/10/09 7:32 AM |
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jam11308
Member since 11/07 7273 total posts
Name:
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Re: Mortgage Length
That actually makes a lot of sense...
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| Posted 6/10/09 8:31 AM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Mortgage Length
Posted by GoldenRod
Previously, we had a 15. We currently have a 30, but will hopefully pay it off closer to 15. After being required to stick to a 15 year payment plan for years, we realized that having a 30 year plan, and trying to pay it off in 15 gives us the benefit of backing down to the lower 30 year payments each month if we are tight on money. If we are OK with money, we can pay on a 15 year schedule.
When my DH asked our REA about a 15 year, he suggested we do this as well. So if you have the extra money one month you can pay more and if not, you are not struggling.
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| Posted 6/10/09 8:39 AM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: Mortgage Length
currently a 30 yr. fixed 
GL
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| Posted 6/10/09 9:06 AM |
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Re: Mortgage Length
We purchased in Nov. 08, and have a 30 year fixed. So everytime i ask DH to do something around the house, he says "whyyyyy rush we have THIRTY years!!!!"
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| Posted 6/10/09 9:10 AM |
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jam11308
Member since 11/07 7273 total posts
Name:
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Re: Mortgage Length
Uh-oh! That isn't good! 
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| Posted 6/10/09 9:15 AM |
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ali120206
2 Boys
Member since 7/06 17796 total posts
Name:
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Re: Mortgage Length
We have a 30 year fixed and we might refinance to another 30 year fixed.
We are planning on paying it off earlier than 30 years (right now we're making an extra pmt a year so we're on schedule to pay it off in 23 years).
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| Posted 6/10/09 9:47 AM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Mortgage Length
Posted by CAMCaps
Posted by GoldenRod
Previously, we had a 15. We currently have a 30, but will hopefully pay it off closer to 15. After being required to stick to a 15 year payment plan for years, we realized that having a 30 year plan, and trying to pay it off in 15 gives us the benefit of backing down to the lower 30 year payments each month if we are tight on money. If we are OK with money, we can pay on a 15 year schedule.
When my DH asked our REA about a 15 year, he suggested we do this as well. So if you have the extra money one month you can pay more and if not, you are not struggling.
we considered that as well, but we get a better rate with a 15, so we went with that. Also the math doesn't exactly work out as well by paying a 30 at the 15 rate since the interest is calculated differently (its a great option for flexibility though if making the 15yr payment is a concern).
Message edited 6/10/2009 10:34:27 AM.
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| Posted 6/10/09 10:30 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Mortgage Length
Posted by -Lisa-
Posted by CAMCaps
Posted by GoldenRod
Previously, we had a 15. We currently have a 30, but will hopefully pay it off closer to 15. After being required to stick to a 15 year payment plan for years, we realized that having a 30 year plan, and trying to pay it off in 15 gives us the benefit of backing down to the lower 30 year payments each month if we are tight on money. If we are OK with money, we can pay on a 15 year schedule.
When my DH asked our REA about a 15 year, he suggested we do this as well. So if you have the extra money one month you can pay more and if not, you are not struggling.
we considered that as well, but we get a better rate with a 15, so we went with that. Also the math doesn't exactly work out as well by paying a 30 at the 15 rate since the interest is calculated differently (not that that's a bad way to do - the flexibility may make it worthwhile for some).
You are absolutely right. If you can guarantee that you can make the 15 year payment plan every single month for the next 15 years without struggling or being "tight", then the 15 makes more sense. If you are cautiously optimistic about being able to make the payments without fail for 15 years, and would rather have the option of being able to pay a little less each month, then the 30 year makes more sense.
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| Posted 6/10/09 10:36 AM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: Mortgage Length
When we bought, we had a 30-year (back in 2000). Then in 2002, we re-fied at a much lower rate to a 15-year. So we're almost 1/2 done with paying our mortgage. 8 more years to go 
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| Posted 6/10/09 12:15 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Mortgage Length
30 year, but we pay an extra payment each year, so hopefully it will be less.
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| Posted 6/10/09 12:51 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: Mortgage Length
We have a 30 year fixed...I woud only refi if I could get at least a 2 point reduction in interest and shorten the time period of the mortgage.
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| Posted 6/10/09 1:17 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Mortgage Length
right now we have a 30, but if we ever sell, our next house will be a 15 or 20.
I don't want to add time (and money) into another 30 year mortgage.
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| Posted 6/10/09 4:21 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Mortgage Length
Posted by CAMCaps
Posted by GoldenRod
Previously, we had a 15. We currently have a 30, but will hopefully pay it off closer to 15. After being required to stick to a 15 year payment plan for years, we realized that having a 30 year plan, and trying to pay it off in 15 gives us the benefit of backing down to the lower 30 year payments each month if we are tight on money. If we are OK with money, we can pay on a 15 year schedule.
When my DH asked our REA about a 15 year, he suggested we do this as well. So if you have the extra money one month you can pay more and if not, you are not struggling.
Exactly what we do-we pay extra towards principal. Most likely we will be done in 20 years (only 18 more to go!), but if we hit a rough patch we have flexibility.
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| Posted 6/10/09 4:27 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Mortgage Length
Posted by neener1211
30 year, but we pay an extra payment each year, so hopefully it will be less.
It will be; by paying even just 1 extra payment a year you can shave up to 10 years off of your mortgage.
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| Posted 6/10/09 4:28 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Mortgage Length
Posted by theburbshereicome
We purchased in Nov. 08, and have a 30 year fixed. So everytime i ask DH to do something around the house, he says "whyyyyy rush we have THIRTY years!!!!"
omg I hope my DH doesn't figure this out!
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| Posted 6/10/09 4:29 PM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: Mortgage Length
We have a 30 year fixed, and we are refing to another 30 year fixed. The rate we got for 30 and 15 was the same, so we decided to do the 30 in case we come upon financial hardship. We are saving 1.5% interest on the refi, but I'll be sending the same amount to the mortgage company so the principal reduces faster than 30 years.
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| Posted 6/10/09 6:18 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Mortgage Length
30 year fixed but we pay extra towards the principle every month so that it is paid off in 15 years. We have a relatively small mortgage on the house because DH's first house was bought in 1997 and sold in 2005.
11 more years to go
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| Posted 6/10/09 8:20 PM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: Mortgage Length
We have a 15 year fixed. So the house should be paid off just in time to start paying for college tuition. 
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| Posted 6/11/09 10:40 AM |
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