I want to own my own home. I am 51 years old. I do not want a thirty year mortgage. Is that possible? How?

Asked by Wanda Mims-cruz, Bronx, NY Mon Nov 29, 2010

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8
Abu Musa, Agent, New York, NY
Thu Nov 24, 2011
You do not have to get 30 year mortgage, you can get 3, 5, 7, 10, or 15 year mortgage which is affordable for you.
0 votes
Norris Hodge,…, Agent, Chesterfield, VA
Thu Nov 24, 2011
Yes, paying off your mortgage early is definitely attainable!! Paying even an additional $50-$75-$100 per month towards your principle can shave years and thousands of $$$$ off of your mortgage!!! Owning your own home is a great thing and having it paid for free and clear is even better!!!
0 votes
Kimberly Kin…, , Clackamas, OR
Mon Nov 29, 2010
My in-laws whom are much older than you just purchased a home with a 30 year term, because it allowed them to finance a payment that worked for their budget.

It really depends on what kind of payment you can afford. Have your lender crunch the numbers and see what payment works for you. The payments will vary with a 30, 15 and less term. Don't let the age factor dictate your terms.

I think one of the most important factors should be your budget and what you can pay monthly.


You can always pay extra principal every month and cut your term down. Best of luck!
0 votes
Vivianne Rut…, , Fairfax County, VA
Mon Nov 29, 2010
Wanda,

There is an added bonus with a short loan term: you'll pay LESS in total interest.
The longer the term the higher the total interest expense.

For example, 40 year mortgage loans are very expensive - although on the surface they offer lower monthly payment.

Good Luck!
0 votes
Tina Beasley, Agent, Saint Augustine, FL
Mon Nov 29, 2010
Wanda,

You can get a loan for a term as low as 10 years. Of course, the shorter the term...the higher the payment. Of course, there are many factors that are all a part of being qualified for a loan such as: downpayment amount, income, dept ratio, etc. It all depends on how much you can afford and what you qualify for with your lender. Give me a call if I can help you find a lender to work with and to assist you with finding the home of your dreams. It would certainly be my pleasure to work with you!

Sincerely,
Tina Beasley
Associate Broker
Envision Real Estate, LC
804-972-9927 Cell Direct
804-262-0001 Broker Office
0 votes
Marge Bennett, Agent, Fort Myers, FL
Mon Nov 29, 2010
talk to your lender. there are several other options instead of a 30 year mortgage. Like others have mentioned, the 15 year and I have also heard of 20 year. Paying more each month will also substantially reduce the term.
0 votes
Michele Gibs…, Agent, Winchester, VA
Mon Nov 29, 2010
It is a great time to buy a new home and I certainly understand not wanting a 30 year fixed. there are so many different financing options available to you and at record low interest rates! Many people opt for a 15 year fixed but it really depends on how long you plan on living in the hoome. Please visit my website at http://www.michelegibosn.com and play around with the numbers on my mortgage calculator and see what your payment would be on various sale prices. You can also search for homes by inputting your price range, etc... As a former mortgage loan officer, I would be happy to speak with you and help you in any way I can. Please give me a call!
Web Reference:  http://www.michelegibson.com
0 votes
Susan Magee, Agent, Midlothian, VA
Mon Nov 29, 2010
Wanda,

You can use a 15 year mortgage program. Or with most loans if you pay some extra every month towards the principal you can shorten any mortgage term. For example, if you pay a total of one additional payment per year, you can take a 30 year mortgage down to 17 years. I hope this helps.
0 votes
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