Mortgage Amortization

From 'down payment' to 'adjustable rate' to 'debt-to-income' ratio, there are so many terms involved in the mortgage process that it can be hard to learn them all and keep them straight. However, whether or not you've heard it, the term 'amortization period' might be one of the most important ones associated with your financial well-being. If you're currently considering the period of loan you should choose, here are some things to think about before taking on a term. What Is Amortization? Used to refer to the length of time it takes to pay off your mortgage loan, a typical…

Buying a home is one of the largest investments you will make in your life, and that's why so many people have longer mortgage amortization periods to pay down the principal. While it may seem appealing to have a longer amortization period, here's why an extended loan term can end up costing you more and may be less financially beneficial when it comes right down to it. About Mortgage Amortization Generally speaking, a 25-year mortgage amortization period can be typical, but there are many loan periods that a homebuyer can choose for amortization. While a longer-loan period may seem enticing…