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Updated over 9 years ago on . Most recent reply

User Stats

74
Posts
7
Votes
Robert Farris
  • Respiratory Therapist/Real Estate Investor
  • Monroe, MI
7
Votes |
74
Posts

How many years should I finance?

Robert Farris
  • Respiratory Therapist/Real Estate Investor
  • Monroe, MI
Posted

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

User Stats

211
Posts
88
Votes
George Hermann
  • Real Estate Agent
  • Bronx, NY
88
Votes |
211
Posts
George Hermann
  • Real Estate Agent
  • Bronx, NY
Replied

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.

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