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Is a 30-Year Fixed Mortgage the Best Type of Mortgage?
With interest rates still near 40-year lows, is a 30- year, fixed-rate mortgage the right choice? While the mass media's response is usually yes, my reply is NO.
Today's market is much different than the market and lifestyle of the previous generation. That generation typically had one job, one pension, one house and one mortgage. That lifestyle no longer holds true today. Pension plans seem to be a thing of the past unless you are employed in the airline industry and many of the public services agencies. Most Americans will hold five or more jobs throughout their careers. As far as houses and mortgages, the average family remains in a house for only seven years and the average mortgage lasts only four years.
Even if you found your dream house and never plan on moving, a 30-year, fixed-rate mortgage may still not make sense for you. Here are some common questions to ask yourself before you choose any mortgage product.
1. Do you have (or plan to have) children? If yes, do you think that you will have to pay for a college education and/or a wedding?
2. Over the next 30 years do you think that you might lose your job and ... more

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