Discipline in Mortgage Loans
A buddy of mine just takes loan to purchase a car on six years. That needs a serious commitment. His stated reason in obtaining the loan was to get little monthly payments and then pay extra every few months. Many people take the same approach as him with home loans. They use flexible mortgages to get the lowest monthly payment, when they have money to pay down the debt, the full intention of making extra payments. You must be the discipline to make the additional payments; this approach makes sense in just about every possible way. It is probably going to be a pretty bad deal if you get a 50 year mortgage and never make the additional payments. Make sure you neutrally calculate how you will really do something with money in the future.