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Why would I want to increase the loan term from 10 years to 20 or 30 years if it is just going to increase my total payments?

April 26, 2017going increase loan PAYMENTS term total

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Why would I want to increase the loan term from 10 years to 20 or 30 years if it is just going to increase my total payments?

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This is a personal decision that will depend on your specific circumstances. Many borrowers seek the lowest possible monthly payment as a short-term strategy. Once again there is comfort in knowing that you can always prepay without penalty when finances permit.