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Is Now the Time to Consider a 15-Year Mortgage? Five Reasons to Give the 15Y Another Look

July 22, 2014 by Michael Addison

A 15-year fixed mortgage is, as its name suggests, a mortgage that's paid off after 15 years. Since it amortizes fully, after that amount of time you won't have to pay anything else. This type of mortgage has a lot of benefits, and below we'll share just a few of them. 1) No Need For Payments After Retirement Here it highly depends on when in life you choose to take on the mortgage. However, most people decide to take on a mortgage at around 30 years of age. If this is the case for you, then it means you'll be 45 years old when your mortgage will be fully paid. There will be no need to worry about having to use Social Security or pension checks to pay it off. Another consideration is the … [Read more...]

Filed Under: Home Mortgage Tips Tagged With: 15 Year Mortgage, Mortgage, Mortgage Amortization

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