This is a general question on loan terms.
If I can get a low interest rate, should I borrow a 30 year term or 20 year term?
I am 40 now, and I plan on retiring when I am 60, so I am leaning towards 20 year loan so that once i hit 60, all my income properties would be paid off and i'll be collecting income from rents (100% free from repaying the bank).
On the other hand, if I took 30 year loans, I could possible buy more properties as monthly repayment for each is lower.
Any ideas?
If I can get a low interest rate, should I borrow a 30 year term or 20 year term?
I am 40 now, and I plan on retiring when I am 60, so I am leaning towards 20 year loan so that once i hit 60, all my income properties would be paid off and i'll be collecting income from rents (100% free from repaying the bank).
On the other hand, if I took 30 year loans, I could possible buy more properties as monthly repayment for each is lower.
Any ideas?
Comment