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Article: RELATIVELY NEW 20-YEAR MORTGAGES GAINING POPULARITY

Article from:
Post-Tribune (IN)
Article date:
June 28, 1993
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THIS ELECTRONIC VERSION MAY DIFFER SLIGHTLY FROM THE PRINTED VERSION. MORTGAGES

The 20-year mortgage is catching on as a happy medium between high- payment 15-year loans and the slow payoff of 30-year mortgages. Compared with 30-year mortgages of the same amount, 20-year loans offer much faster payoff of the loan's principal, a slightly lower interest rate, and a sizable reduction in total interest paid.

"I'm finding that people want to get their debt paid off," said Joseph F. Murphy, vice president of real-estate lending for Frankford Bank of Horsham, Pa. "People today are very conscious of debt and are trying to shorten mortgage terms as much as possible. A lot of people who are taking ...

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