Experts Questions and Answers
Is it OK to take a 35 year mortgage?
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A 35 year mortgage can help you manage your payments, and get you into a home that suits your needs. However it is a very important that you ensure your mortgage comes with flexible pre payment options that will allow you to pay off the mortgage quickly without penalty. When choosing a lender for an extended amortization, we must ensure that not only can you pre pay the mortgage, but also that you can set up an automatic pre payment, that will ensure you pay off your mortgage quicker and still allows you the choice to make the smaller 35 year payment if things change in your financial picture.
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