THE MOST DESIRED MORTGAGE IS A BAD CHOICE-- PAYING EXTRA FOR FLUFF
While our lifestyle and social norms have changed causing the length of time to pay off or refinance. The average is about 8 years! We are paying for an extra 20+ years of guaranteed rate and the lower monthly payment.
A more logical choice for the ultra-conservative borrower would be a 10 year fixed mortgage with amortization calculation on a 30-year basis. Much less per month.
For the average borrower, a 7 to 10-year adjustable mortgage with a capped maximum rate would make the most sense with a much lower monthly payment.
The following very lengthy article gives a full discussion on this subject:
I am an experienced loan officer with over twenty- years of experience " financing your dreams" I will LISTEN to your questions and never claim I'm too busy to work with you.