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08-01-2014, 03:42 PM
Speak from my experience...
It is prudent to have own-stay property fully paid up before 55. One can use this to determine total mortgage year and monthly payment.
For investment property, we can stretch as long as possible so that we have positive cashflow.
It is prudent to have own-stay property fully paid up before 55. One can use this to determine total mortgage year and monthly payment.
For investment property, we can stretch as long as possible so that we have positive cashflow.
(08-01-2014, 02:27 PM)valuebuddies Wrote: Well I bought at one of the peak price, offset by history low interest rate, so I have seriously no idea what is the average mortgage interest rate for the past decade. I have been paying 1.25% then 1.65% which I feel comfortable with, so any increase in rate in painful but not a disaster. With my household income, there is no problem to undertake a 20 years tenor, but it just doesn't make sense for us to go for it in the current cheap borrowing market. And yes if my loan interest rate is high, I would choose a shortest possible tenor which I can afford.
Hard to make up my mind, if I take new loan, I am afraid that I could not get back to 35/40 years tenor again (if the interest rate remains low); and if I don't take new loan, I am paying more.
