Hey everyone, I’m looking at buying a house and I’m wondering about mortgage options. The property I’m interested in is a bit pricey, so I’m thinking about longer-term loans to make the monthly payments more manageable. I’ve heard of 30-year mortgages, but is it possible to get a 35-year mortgage? Has anyone here ever gotten one or know if banks offer them? I’m curious about the pros and cons too. Like, would the interest be a lot higher? Any advice or experiences would be really helpful. Thanks!
As someone who’s been through the home-buying process, I can attest that 35-year mortgages do exist, though they’re less common than standard 30-year terms. While they offer lower monthly payments, the trade-off is significantly more interest paid over the life of the loan.
I’d suggest carefully comparing the total cost of a 35-year versus a 30-year mortgage. Have you considered other strategies to make the purchase more affordable? Negotiating the purchase price, increasing your down payment, or improving your credit score could potentially secure better terms on a standard 30-year mortgage. It might be worth exploring these options before committing to an extended loan term.
Ultimately, the decision depends on your long-term financial goals and how long you plan to stay in the home. Make sure to consult with multiple lenders and a financial advisor to fully understand the implications of a 35-year mortgage in your specific situation.
yeah, 35-year mortgages exist but they’re not common. i got one for my place. lower monthly payments are nice, but u end up paying wayyy more interest over time. some lenders offer em, but u gotta shop around. just make sure u crunch the numbers and see if it really makes sense for ur situation
Hey there! 35-year mortgages sound intriguing. Have you considered other options to make payments more manageable? Like, what about a higher down payment or looking at slightly less expensive properties? Just curious about your overall home-buying strategy. What’s drawing you to this particular house?