I have to disagree with this advice watch to find out why, what are your thoughts?

[christopherdriesenga]

Nearly every mortgage doesn't have a early payoff penalty. Get a 30 year mortgage and as your budget increases, add additional principal payments and payoff the house sooner. If you run into hard times you can always fall back to the lower payments. That's not possible with a 15 year mortgage.

[davewhite]

At least 20% percent down, 15 year mortgage and a monthly payment that is less than 25% of take home pay. If you can't do all 3 then you can't afford to buy.

[SlimShadySkip]

I was not able to buy in the Housing Down Market between 2008 and 2011 when prices were really incredible. But I did end up getting a 2800sqft 2 Story 4bed 3bath home w/ 2 car garage (built 7yrs previously) for only $140, 000 in 2015. With a 30yr Loan that I have been paying Xtra Principle Payments on, I only owe 37k after 9 years (9 years of only paying an xtra $250 per mo on top of the $700 per mo that my payments are) Granted, it is an Interest Free Loan that I took out from Myself against an Investment I had set up in my childhood.

[ZippyZoo]

I've got a 30 year mortgage. I always pay above what the monthly payment is.
Bought in 7-2020 & am already 2 years ahead in payments. I like the fact that I can pay what I can afford for that month and if I need some money for an unexpected expense, I'll just pay the minimum mortgage payment that month.
Plus once I own 20%, the private mortgage insurance will drop off and if I make the same payments, the extra $51 that goes for the PMI now can go towards the principle.

[Johnepumper]

Get a 30 but pay double your lone drops to 7.5 years

[Asap]

Better is never buy a house that will cost you more than paying rent for one bedroom apartment in your area 1500 tops should be your monthly mortgage because you need at least 2500 in other life expenses so you need to make 6-8 to have a good life

[Gabriell]

If you can't afford something then you can't afford it. I have been chasing a reasonable loan for years, watching prices skyrocket and push me back over and over again, but I decided not to opt in to a loan, just keep grinding. Eventually, it took me 7 years, but I got my property loan free. Loans are a lost game for you, unless it is a commercial investment where everything is calculated, so avoid loans if you can.

[YOUNEEDTOSEETHISNOW]

Did mortgages for a long time. It’s easier to get a 30 year and cheaper in many ways. My clients that wanted 15yr mortgages I would tell them to pay like a 15 yr mortgage.

[Boicrazie]

Ofcourse you would say that. Lol more interest is paid on a 30 yr loan.

[Johnrider]

We got a 25 year. And ramshackle is wrong. Guy is a multimillionaire