mortgage simple definition: 20 year mortgage Mortgage Mondays #73

20 year mortgage Mortgage Mondays #73

20 year mortgage Mortgage Mondays #73. EP010 Don't be Duped by the 30 Year Mortgage

20 year mortgage Mortgage Mondays #73 video duration 3 Minute(s) 34 Second(s), published by Matt the Mortgage Guy on 04 07 2016 - 20:42:38.

https://www.mattthemortgageguy.com 916-529-7600 This episode I talk about the 20 year mortgage
On Americas 240th anniversary I thought about the little http://biggerpockets.com/askbp063 The two most common loan terms for real estate shoppers is the 30 year mortgage and the 15 year mortgage
But what is the .

Segment from Good Morning Texas on 2.17.2016 To subscribe to the show on iTunes click below: https://itunes.apple.com/us/podcast/the-wealth-without-wall-street-podcast/id1282660297?mt=2 To subscribe to Housing is the BIGGEST expense most of us will ever have to deal with, and yet it's kind of a big mystery
Why do we choose a 30 year mortgage and what are .

https://www.mattthemortgageguy.com 916-529-7600 This episode I talk about the 20 year mortgage. On Americas 240th anniversary I thought about the little talked about 20yr mortgage since it's a 240 month term. This is a great option for many folks who don't want the payment shock of the 15 year loan but also don't want to go back to the 30 year term.

Matt, the mortgage guy. Mortgage Mondays. Episode 73 - 4TH of July addition. Real quick video here on America’s 240th birthday.

First off, happy 4TH of July, hope everyone has a happy and safe 4TH of July and celebrates independence and all the great opportunities this country has to offer with friends and family.

So when I was thinking about this 4TH of July, the 240TH anniversary of Americas’ birthday, of course as a mortgage guy, as a numbers nerd, “240”, when I hear that number reminds me of a 240-month, 20-year mortgage. So, I want to give a little love today to the 20-year mortgage. The most common mortgage is a 30-year term. A lot of folks get into a 15-year, but that poor little 20-year doesn’t get a lot of attention. It’s a really great mortgage, and really, you know, I find for some people works really well.

I’ll give you the most common scenario I run across when putting someone into a 20-year mortgage. Let’s say you bought your house in 2011, you called me up, saying, “Hey Matt. I’ve heard rates are low, I’ve got a 4½ percentage restraint, it’s not that bad, but I know I can do better. I don’t want to get back into a 30-year loan, I’ve got 25-years left on this thing, and I really don’t know what I can do”.

In that scenario it’s an awesome move to go into a 20-year mortgage, not only are you shaving the 5 years off and getting things paid off 5 years sooner, you’d be surprised what going from 4½ down to the 3¼, - 20-year rate, what that’s going to do to your payment. You’re most likely going to be paying the same amount or maybe even a little bit less and also shave 5 years off your mortgage.

So, that’s the most common for refinances. I’ve also worked with some folks that just say, hey, I’d rather pay less in interest over the long haul. I can stomach the slightly higher payment of the 20-year mortgage.

So, here’s what I want to do, so if I put big bullets in 20-years when they purchase. So it’s all obviously based on your specific scenario, but you know, the point of the video is; there’s 20-year mortgages out there, great rate, little bit higher than the 15-year, lower than 30-year.

As you would imagine, - the shorter the term, the less risk for the bank and they give you a better rate. So, at least it should be an option
Any questions at all, please reach out: “Matt, the Mortgage Guy: Mortgage Mondays – 4TH of July addition”.

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