August 2024 Poll

I would not recommend this option as the best options are generally to pay the mortgage off in the least amount of time. When you extend the amortization period, especially to 30 years, the homeowner will end up paying double what the home actually costs.  That is a generalization as it depends on the actual interest rate.  However, if it is a lower interest rate, pay it off quicker.  If this cannot be done, perhaps the home is too much for now and waiting might be more beneficial in the long run.
Open a FHSA and work on getting more funds for down payment to lower the amortization period.

By Robert on August 07, 2024