Why did I opt for a 35-year home loan?

Mortgage
1

Hey everyone,

I recently got a 35-year mortgage and I’m feeling a bit unsure about it. The housing market is so expensive these days that I felt like I had no other option. Has anyone else been in this situation?

I’m wondering if I made the right choice. The longer term means lower monthly payments, which is great for my budget right now. But I’m worried about paying more interest in the long run.

Can anyone share their experiences with longer mortgages? Are there any pros or cons I should be aware of? I’d really appreciate any advice or insights from those who’ve been through this.

Thanks in advance for your help!

2

dont stress too much mate, i went for a 35yr loan too. its all about gettin on the property ladder innit? sure u pay more interest but u can always refinance later if ur situation improves. just focus on makin those payments n buildin equity for now. its better than rentin forever imo

3

Hey there! I’m curious - have you thought about refinancing options down the line? It might give you some flexibility later on. What made you choose 35 years specifically? I’d love to hear more about your decision-making process. Are you planning to stay in this home long-term?

4

I opted for a 35-year mortgage myself a few years back, and I can relate to your concerns. The lower monthly payments were a significant factor in my decision, especially given the high property prices. It allowed me to enter the market when I otherwise couldn’t have afforded to.

However, it’s worth noting that I’ve been making extra payments whenever possible to reduce the overall interest. This strategy has worked well for me, providing flexibility when needed but also allowing me to chip away at the principal faster.

One potential downside is that it can take longer to build equity in your home. But if you’re planning to stay in the property long-term, this might not be a major issue. Ultimately, it’s about balancing your current financial situation with your long-term goals. Consider speaking with a financial advisor to explore your options for potentially refinancing in the future if your circumstances change.