Multi-unit investment
I plan to invest in a multi-family apartment and I can put down at least 50% for a down payment. I only need $100k from a lender and I would like to know if a 15 year or 30 year mortgage is better? I own a home that is fully paid and I don’t have any debt. by oster152 from Alston, Georgia. Nov 5th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Only you can answer that for yourself. The major considerations here are that obviously the shorter term loan will save you a ton of money interest - buy the payments are higher. The longer term loan will have smaller payments, and you'll pay a lot more in interest. Most people pick the longer-term and pay the higher interest because of the lower payment. I personally think a 30-yr loan is a huge mistake. Even getting a 25 or 20-year is a monster in savings, and doesn't increase the payment as high as a 15-year. I lend in MN WI IA ND SD - Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
Ask our community a question.
Get an answer
Related Questions
