If you’re like 90% of homeowners, you’re going to choose the 30 year mortgage… but what if don’t want to spend the next 30 years of your life paying down a mortgage and payments for a 15-year mortgage is way too high? There is actually something called a 20-year mortgage that allows you to get a little bit of the best of both worlds. Pearl Hawaii’s 20-year mortgage loan option provides benefits over other mortgage loan types.
Why a 20 Year Mortgage?
- The interest rate is much better than a 30 year loan
- You pay less interest during the lifetime of the loan
- The monthly payments are more affordable than a 15 year mortgage
- The amortization follows more closely to a 15 year than a 30 year
- Pay off your house quicker
- Keep up with your retirement goals. Who wants debt when they actually retire?
- You will be a home owner 10 years sooner.
- Payments are affordable