Understanding Mortgage Amortizations and Why Longer Periods Can Cost More
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…