Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago on . Most recent reply

How many years should I finance?
Hi,
I'm trying to get financed for a mortgage and was wondering which is better for a buy and hold rental property, 15, 20, or 30 year mortgage?
I was leaning toward a 30 year just because the payments look lower although the fixed rate is a bit higher.
But the 15 and 20 year may have a bit lower rate, the payments are higher.
I'd be paying the loan off early.
Any thoughts or advice?
Thanks
Most Popular Reply

My advice is to take the longer term to get the lowest monthly payment. Then if you are able, add to each months payment so it is paid off sooner. If thinks get tight down the road, don't include the "extra" payment at that time.