As discussed, short-term mortgages require higher monthly payments due to the shortened loan length. To ensure you can afford these payments, prospective home buyers should calculate their monthly home expenses before applying. When in doubt, calculating your debt-to-income ratio can help you determine how affordable your future payments will be.
Those considering a short-term mortgage can also consult our guide on how to afford a 15-year mortgage, as the tips it offers can also apply to shorter term mortgages.