Hi all, new to the site. I am wondering what the prevailing wisdom is to mortgage terms? Long or short? Locking in a long term (10 year) rate seems to make sense to me. Can't wrap my mind around how the whole money printing, deflationary credit and basic necessity inflation will mix in. I am working on the other things and it makes sense to lock down that future cost.
I live in an area (Alberta) that hasn't been as subject to the volatility that many other areas have seen and with a petro dollar economy booming here (can anybody say Tar sands) foresee home prices being more or less stable.
I suggest locking in the longest term fixed rate mortgage available to you. In the US that is 30 years. In Canada I understand the limit is shorter. Money will assuredly continue to be devalued, and this process will accelerate. This works to the advantage of the one who pays the loan.