Sentences with phrase «afford higher payments»

If rates go up, many homeowners may be unable to afford those higher payments.

If you are purchasing your first home, you need to be absolutely certain you can afford the higher payments for the life of the loan.

A 15 - year, fixed - rate mortgage is a great tool for borrowers who can afford the higher payments while still saving and investing for retirement.

«I think we'll see a bit of a trend toward 15 - year mortgages because [the boomers] can afford the higher payments.»

However, as time goes on and their financial situation improves, these people may be able to afford the higher payments.

There's another way to secure a rock - bottom interest rate, if you can afford higher payments.

You may be able to afford higher payments in the future, but a smaller monthly payment would be helpful for now.

Here's a third option: If you can afford the higher payments on a 15 - year fixed rate mortgage and plan to stay in the home a long time, you will save the most money in the long run because the total interest payments are much lower.

If you can afford the higher payments of a shorter loan term, you will save significantly on interest over the life of the loan.

While a 30 - or 15 - year mortgage may work well for many borrowers, if you want to speed up your mortgage repayment and can not afford the higher payments of a 15 - year mortgage loan, a 20 - year fixed - rate loan might do the trick.

Would you be able to afford the higher payments with your current income?

Not only will your total monthly debt payments be lower, but if you WERE able to afford those higher payments, you can still make the higher payments against your new low monthly REQUIRED payment.

Figure out if you can afford the higher payments on a 15 - year fixed so that you can get access to the best mortgage rates.

The right loan for someone who plans to stay in a home for three years and who has increasing income, may not be the right loan for someone who wants to have the loan paid off within 15 years and can afford a higher payment.

Can you afford the higher payment?

There is not much point to lowering your interest rate if you are adding an extra 10 years to your payments unless you really can't afford a higher payment.

«Do NOT use an adjustable - rate mortgage to qualify for a higher amount, because when it adjusts, you will not be able to afford the higher payment,» says Mr. Fleming.

If you can afford the higher payment that comes with a shorter loan term, you can save yourself hundreds of thousands of dollars with a shorter loan term.

But if you can afford a higher payment, the amount you save in interest is worth the extra money.

For some experts, being able to afford the higher payment includes having a rainy day fund tucked away — according to Bob Walters, chief economist for Quicken Loans, your liquid savings should amount to at least a year's worth of income.

If you can afford the higher payment, it is in your interest to go with the shorter loan, especially if you are approaching retirement when you will be dependent on a fixed income.

That way, we can pay it off in 15 yrs, but if something happens and we can not afford the higher payment, we can pay our regular 30 yr amount for those months.

The way he wrote it demonstrated that as long as I stay on the plan (and who would go off of it unless they could afford the higher payment?)

Also, if you do proceed with them and could afford a higher payment amount, that would shorten your program, which means they could settle your debts sooner and as Damon says below, lessen the chance of problems associated with a creditor filing suit.

While paying your loan off in half the time may sound appealing, we understand not all homeowners can afford the higher payment with a 15 - year loan.

Clearly, the disadvantage of a 15 - year loan is that it can be more difficult to afford the higher payment.

I do acknowledge the fact that I did take the loans out and I should pay back, but what do you do when you can not afford the high payments?

If you plan to keep your home for a long time, and can comfortably afford the higher payment, the 15 - year loan could be the better option.

If you can afford the higher payment, you'll save a significant amount of money and 15 years of payments.

15 year fixed rate mortgages offer lower interest rates (approximately 1/2 %) than 30 year mortgages, but borrowers need to be certain they will be able to afford the higher the payment that comes with the much shorter term.

«What assurance do you have that you'll be able to afford a higher payment five years from now?»

Not exact matches

Higher education isn't cheap, and if graduates can't afford their payments, loans can become a major financial hardship.

Some business financing techniques have higher repayment terms than others, so determining if and how much a business can afford in monthly payments is crucial to selecting the right funding solution.

If you can get a much lower interest rate on a five - year loan than a 10 - year loan, for example, but your payments would be too high for you to afford due to the short repayment period, this loan probably isn't the best option for you.

If you want an ARM, lenders will have to document that you can afford to make monthly payments at the highest interest rate the loan could charge over the first five years.

There is high housing demand, but more potential buyers are struggling to afford down payments.

But many borrowers can't afford the lump sum payment, so they roll over the original loan, plus the original fee plus a new fee, which is higher than the initial fee because the borrower owes both the principal plus that fee at this point.

Shorter repayment periods come with higher monthly payments, though, so make sure you can afford them.

If you can't afford both the down payment and the closing costs, you should probably reconsider whether you should buy a house because you'll need to pay high monthly costs for the personal loan and mortgage.

If you can afford a 15 - year mortgage rather than a 30 - year mortgage, your monthly payments will be higher, but your overall cost will be drastically lower because you won't be paying nearly so much interest.

So if you can afford higher monthly payments, consider signing up for a shorter loan length, It may be a smart way to lower your personal loan interest rate and save money on interest as well.

In order to allow all children and families access to ECE, federal and state governments should set uniform family payment standards that increase progressively across low -, moderate -, and higher - income groups, so families pay either no fee or an amount they can reasonably afford, based on established income criteria.

While delaying enrolling for social security payments does result in a higher lifetime benefits, most seniors can not afford to do so.

If you can't afford making the higher payments on a 15 - year mortgage but like the idea of saving on interest, there are other ways to make that happen, even if you have a 30 - year loan.

If your payments are too high to afford, figure out if you are on the right repayment plan.

If you can't afford both the down payment and the closing costs, you should probably reconsider whether you should buy a house because you'll need to pay high monthly costs for the personal loan and mortgage.

Even if you can afford the higher monthly payments of a shorter loan term, you may prefer to refinance for lower payments in case your income is reduced or other bills increase.

If you can comfortably afford a higher monthly payment, then choosing a shorter - term mortgage might earn you a lower mortgage rate.

Although this increases borrowers» «skin in the game,» it could also shut out potential buyers who can not afford the higher down payment.

If you can only afford the minimum payments, start with the card that has the highest interest rate and pay just a few dollars more every month.