Quote:
Originally Posted by Kiimosabi
Are you somehow under the impression that if your loan is amortized for 30 years that you are locked into that payment?
It just means your required monthly payment is lower. Unless you have crap prepayment penalty on your mortgage doing a 30 year is no problem. You can still pay it off in 6 years if you want to.
But if crap goes south you aren't required to pay a larger amount each month.
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Prepayment penalties normally apply when paid before 3-5 years.