How many years should I finance?

[Robert Farris]

Hi,

I'm trying to get financed for a mortgage and was wondering which is better for a buy and hold rental property, 15, 20, or 30 year mortgage?

I was leaning toward a 30 year just because the payments look lower although the fixed rate is a bit higher.

But the 15 and 20 year may have a bit lower rate, the payments are higher.

I'd be paying the loan off early.

Any thoughts or advice?

Thanks

[George Hermann]

My advice is to take the longer term to get the lowest monthly payment. Then if you are able, add to each months payment so it is paid off sooner. If thinks get tight down the road, don't include the "extra" payment at that time.