Can you be mortgage free after 10 years?
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rickey
Apprentice
Joined: 30 Apr 2005
Posts: 5
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 Posted: 04/26/08 - 06:19 Post subject: |
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| Hi! I have recently decided to buy a new home in the suburbs. I have relatively nice place, but my family will grow rather large and we will certainly be better in a new house. However, I would not like to have the mortgage for it too much time. I would not like to know is it possible to be mortgage free in 10 years? |
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jonathan
Apprentice
Joined: 10 Jan 2005
Posts: 4
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| Posted: 05/26/08 - 03:17 Post subject: |
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| Buying a new home is always very difficult choice make, especially since you are committing financially for a long period of time. It can be very risky, and especially if you do not have very safe job and if during some time of the commitment you get the pay cut. To make people feel easier, mortgages usually last 20 to 30 years. However, if you are earning a lot of money, a really steady job, then you have all the advantages to commit yourself to as little time as possible, which in the best case could be even less than 10 years, but not much less. That said, it is surely possible to free yourself from mortgage in a decade. Best of luck. |
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