Quote:
Originally Posted by geotag277
I thought even if rates go up most banks offer you a longer term for the mortgage instead of a higher payment.
|
Lol, what like stretching out the amortization to make the payment smaller? That may seem helpful but it's just dragging out the repayment of debt and increasing the money you're paying to the bank. A banker or broker that wants you to max out what you can afford might suggest that so they can get a bigger commission/fee/bonus, but it's generally pi$$ poor adivce.