Most people are likely familiar with the usual terms for a mortgage like 30, 20 or 15-year terms, but what if you are looking to refinance after paying six years into your mortgage and still have 24 years left? You may not want to go back to a 30-year loan or may not be ready to go down to a 20-year with a higher payment.
This is where the Flex Term can come into play, as we would be able to get a term for 24 years so that you are able to stay in line with your current remaining mortgage term without raising your monthly payment. That sounds pretty ideal, right?
Flex Term can be used for any term ranging from 29 years all the way down to an 8-year term. We are also able to strategize a flex term for you if you have a specific monthly payment in mind. This means if a 30-year mortgage on your new home purchase is lower than what you are able to put towards it monthly, we can then put you into a flex term at 26 or 17 years so now you would be able to pay down your mortgage faster. Let’s be honest; who doesn’t want to pay down their mortgage faster when it makes sense and can work for you?
Using the flex term can be an ideal strategy for many clients, like those who are looking to take advantage of terms to help pay off your mortgage faster and less in interest overall.
If you think the flex term mortgage loan options may work for you, but need help understanding them, call our team at Blink to discuss the right strategy for you. We are always here to help and happy to figure out if there’s even another strategy that may be more beneficial for your exact scenario.