If someone wants to tailor the term of a loan to fit a certain mortgage payoff timeline and monthly budget goals, then custom loan terms may be a good fit.
Carroll Organization founder and CEO Patrick Carroll reacts to investor Charlie Munger warning the commercial real estate market could be the next big problem for the banks on 'The Claman Countdown.'Deciding on the lender and the type of home loan are two pivotal decisions. The length of your mortgage and your interest rate will determine your monthly payments. You may wonder if you can customize your mortgage terms beyond the standard 15- or 30-year options.
"For example, if you want to pay off the mortgage in 18 years, the lender might charge fees for a 30-year loan, but adjust your payments so that the mortgage is repaid in 18 years," he explains. "If you get a 30-year loan, you can make extra payments every month with the goal of retiring the debt in 15 years," Lewis tells FOX Business. "But if you're laid off or get socked with unexpected expenses, you can stop making extra payments until you catch up financially." On the other hand, if you get a 15-year mortgage, you're stuck with higher minimum payments every month, Lewis says.
"This can provide flexibility to have a loan that fits into each homeowner’s unique life," says Banfield.If someone wants to tailor the term of a loan to fit a certain mortgage payoff timeline and monthly budget goals, Banfield tells FOX Business that custom loan terms may be a good fit.Timing Your Terms to Life Milestones
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