Longer Amortizations

It was not that long ago that the maximum amortization for a residential mortgage was caped at 25 years. Today we have 30, 35 and 40 year amortizations and this is a good thing. While we all want to pay off our mortgage as soon as possible there are times when the best solution is to lower your monthly payments and that is just what a longer amortization does. You should keep in mind that you can pay off a 40 year mortgage in 25 years simply by making the payments as if it were a 25 year mortgage.