Market Watch
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Wealthy borrowers shift to shorter-term mortgages, research shows
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Thursday, February 6, 2014
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Wealthy borrowers have begun to move away from 30-year mortgages in favor of shorter-term loans, The Wall Street Journal has reported.
The move away from long-term mortgages can be traced to borrowers’ desire to slash interest payments accrued over the lifespan of the loan.
Interest rates typically drop in accordance with the timespan of the loan. Generally speaking, borrowers can expect rates to drop by one-quarter to a full percentage point as they move from 30-year mortgages to shorter loan timeframes.
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