WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
Rolling repairs into the mortgage sounded smart at first, but honestly, the paperwork was a headache. If I could do it over, I’d probably just save up for repairs—even if it took longer. The faster equity build was nice, but the stress and delays with contractors almost made it not worth it. If you’re super organized and have a good contractor lined up, maybe it’s fine, but for me, slow and steady would’ve been less hassle.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I get where you’re coming from, but I actually found rolling repairs into the mortgage to be a lifesaver—at least in my case. The paperwork was a pain, sure, but having everything bundled meant I could tackle bigger upgrades right away instead of waiting years. If you’re aiming for a higher-end finish or want to boost resale value quickly, it can make sense. The key for me was working with a lender who handled renovation loans all the time... made things way smoother. Maybe it’s not for everyone, but if you’re strategic about it, the upfront hassle can pay off down the line.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
That’s a fair point about rolling repairs into the mortgage—having the funds upfront definitely makes bigger projects possible. I’ve looked into it, but I keep hesitating because of the higher monthly payments on a 15-year term. It’s appealing to pay less interest overall, but I worry about locking myself into a tighter budget, especially with unexpected expenses popping up. Maybe it’s just first-time jitters, but I’m not sure the trade-off is worth it unless you’re really confident in your cash flow.
Honestly, I get the hesitation. The 15-year mortgage is great for saving on interest, but those higher payments can feel like a straitjacket if your income isn’t super steady. I ran the numbers last year and realized I’d have to put off some energy upgrades just to make the monthly work. Sometimes flexibility wins out over speed... especially when life throws curveballs.
Title: Weighing the pros and cons of switching to a 15-year mortgage
I get what you’re saying about flexibility, but there’s a different way to look at it. If you’re disciplined, you could stick with a 30-year and just make extra principal payments when things are good. That way, you’re not locked into the higher payment every month, but you can still chip away at the loan faster. It’s not quite as fast as a 15-year, but it gives you breathing room for those surprise expenses... like when your HVAC decides to quit in July (been there).
