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I am 71 year old. 750 Credit Score and 1st Time Home Buyer - Should I go for a shorter loan term?

I want to reduce debt to my family upon my passing, and I am leaving my home to my children. Should I go with a 15-year home loan? by JMakie49560 from Brill, Wisconsin. Mar 15th 2018 Reply


Pamela Riesenberg (priesenberg@financeofamerica.com)
#22 ranked lender in New Hampshire - 13 contributions

no, I have a reason but too much to write why, if you want to call me I can explain.603.893.4100 or priesenberg@financeofamerica.comThank you! www.mortgagesbypamela.com

Mar 16th 2018
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

Its a great question... Obviously a shorter term loan will pay down faster, leaving more equity to pass along. On the other hand, that also means a bigger monthly payment. Can you afford the bigger payment, does a smaller payment make more sense? How about in between with a 20-year fixed? More than happy to answer your questions for you. I lend in WISC. You can visit me at www.WI-MortgageBroker.com

Mar 16th 2018
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Awesome Question I would go for a 30 yr fix and have less out of pocket and purchase a mortgage protection insurance policy which would operate off of a specific term example 10years or 15years or 20 years etc. This will be structured in a way that upon death the policy will pay off the mortgage and you can leave the asset to your loved ones if you like or howerver you choose. This is brass tax answer but for the details contact us @ www.onlinemortgagesource.com thank you and have a great day.

Mar 19th 2018
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SEAN WRIGHT (LANDMARKMORT)
#6 ranked lender in Wisconsin - 41 contributions

If your number one priority is to have the loan balance drop as quickly as possible, then yes do a 15 year or even 10 year loan.However like everyone said the lower payment is what most buyers are after.Call or stop by my office, I am located in Green Bay.(920) 391-4234

Mar 19th 2018
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