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Money and Finances
Reply to "15 year vs. 30 year mortgage"
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[quote=Anonymous][quote=Anonymous]But if I could confidently make more than 3% on my money, wouldn't it be a smarter investment to take out a 30 year loan, have a lower monthly payment, and invest the money instead in the stock market (again, only if I was sure to make more than 3%)? [/quote] A few other things to consider: Yes, you CAN get a 30 year mortgage and invest the extra money or pay off the mortgage early. But will you? Every single month for 15 years? If you know that you will do smarter things with the extra money, maybe the 30 year loan is right for you. But most Americans lack the discipline to do this. Also, until you pay off your mortgage, the bank has a right to your house. Yes, maybe things are rosy now. But if your financial situation changes, knowing you are safe from foreclosure would mean alot. [/quote]
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