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Updated over 3 years ago on . Most recent reply

User Stats

83
Posts
54
Votes
Collin Bryston Adams
  • Rental Property Investor
  • Dallas, TX (dallas texas)
54
Votes |
83
Posts

House hack 15 year mortgage?

Collin Bryston Adams
  • Rental Property Investor
  • Dallas, TX (dallas texas)
Posted

Would you ever consider doing a 15-year mortgage on a house hack? What are the pro and cons you see? 

Logically I am thinking 30-year mortgage as I intend to sell the property within 4 years, not enough time to see a difference in the interest payment (graduation of college) but am not against holding if rents keep sky rocketing to what can be a comfortable COC once I move out.


Just looking for outside feedback and ideas. 

Most Popular Reply

User Stats

69
Posts
51
Votes
Christopher Cole
  • Rental Property Investor
  • Seattle, WA
51
Votes |
69
Posts
Christopher Cole
  • Rental Property Investor
  • Seattle, WA
Replied

I really wrestled with this when I was a brand new investor. The best advice I got was just get a 30 year loan - then you can pay it off at a 15 year rate, or if you choose to slow down, you can do that too. If you get a 15 year loan, your interest maybe somewhat lower, but cash flow will be difficult and you might regret it later.

Personally, I get the longest amortization period possible, and never regretted it.

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