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Mortgages

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  • Tue, Jun 19, 2012 - 03:10pm

    #1
    reeb

    reeb

    Status Member (Offline)

    Joined: Jun 19 2012

    Posts: 1

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    Mortgages

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.

Thoughts?

 

 

  • Wed, Jun 20, 2012 - 05:13pm

    #2

    Travlin

    Status Gold Member (Offline)

    Joined: Apr 15 2010

    Posts: 524

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    Go long

Welcome Reeb

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.

Travlin 

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