25 year mortgage possible?

2 Responses to “25 year mortgage possible?”

1. doreen k says:

   November 20, 2010 at 11:01 am

   You can apply for a 30-year loan and request that the financial institution set your monthly principal and interest payment to amortize the loan over a 25-year repayment period. You also can do this by yourself by using a loan calculator to figure out the required monthly payments. But, you’re more likely to keep to that payment amount if the bank or other financial institution requires it.

   The terms of a 25-year loan are likely to be the same as for a 30-year loan in terms of interest rate, so there is no need for the financial institution to offer a separate product.
2. Quicken Loans says:

   November 20, 2010 at 11:40 am

   Hi WouldntUlike2know!

   25-year terms are definitely an available option when you refinance your mortgage. The logic is that the shorter your term, the less interest you’ll pay. Longer terms allow people to pay a lower monthly payment with higher interest while shorter terms allow you to pay a lower interest rate. Good luck!

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