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The little-known mortgage that could save you big

Posted by Bonnie Martin Designated Broker on Thursday, August 22nd, 2013 at 7:08am. - - Everybody's heard of the 30-year home mortgage, and probably the 15-year mortgage, too. But did you know that there is a 10-year, fixed-rate mortgage? And for some, it can offer big advantages.

Those advantages include lower interest rates and enormous savings in the amount of total interest paid over the life of the mortgage, says Jim Duffy, a mortgage banker with Cole Taylor Mortgage in Atlanta, Georgia. But, he adds that because you are paying the principal of the mortgage down in a third of the amount of time you would a 30-year mortgage, the monthly payment will be higher.

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