2007-09-06 15:41:11 · 4 answers · asked by rufbam@sbcglobal.net 1 in Business & Finance ➔ Renting & Real Estate
They're a very bad deal. Even if you got the same interest rate as for a 30-year, the payments will be very close to the same except you'll pay for an extra 20 years - check it out on a mortgage calculator, there are plenty of them available on the Internet. You might save $30 a month in your payment - and pay for an extra 20 years.
2007-09-06 15:47:34 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
If you are looking at the longterm as an investor, having the benefit of the tax-deduction a mortgage affords you would be a good thing. You never want to fully pay off your home. If the terms are good, go for it.
2007-09-06 22:50:44 · answer #2 · answered by Marco R 4 · 0⤊ 2⤋
Great way for people who should not be buying a house to buy one!
They are horrible!
2007-09-06 22:46:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
How old are you, and how long do you really want to be in debt?
2007-09-06 22:46:19 · answer #4 · answered by drgnotary 3 · 0⤊ 0⤋