Quote:
Originally Posted by TheGrimm
I don't get why anyone would want to do a 30/35/40 year mortgage in the first place. If you need to stretch yourself THAT much to get approval or feel comfortable with your monthly payments you should simply be buying a lower cost home or condo etc.
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Flexibility. You can choose a 30 year amortization and increase your payment and payment frequency. If you run into any sort of financial trouble in the future, you can change your payment amount to the minimum amount required (which would be lower on a 30 year am vs a 25 year am).