Question: I realize that I’m starting late in life but at age 50, I’m in the market to buy a house and I love Wellesley. Since most mortgages are written for 25-30 years, I’d still be paying at age 75 or 80. I would prefer a 15 year term so that when I retire, I wouldn’t have to worry about mortgage payments. Is this possible?
For the sake of discussion, let’s say that we, Wellesley Real Estate, did help you purchase a home but with a 30 year mortgage. Even then you have options. Since, principal payments are usually small during the early years of a mortgage, every month you could opt to make two principal payments and one interest payment. This way, you would turn your 30 year note in a 15 year note.
We would be happy to introduce you to Tom and Brian at Wellesley Bank and I am sure that they will be able to offer financing to suit your objective.