Mortgages: 30-Years or 15-Years
Mortgage rates are still low and now might be the time for you to get in on a buyer’s market. The better question: “what kind of mortgage are you looking for?” There are all types of mortgages, but something that can save you boat loads of money is the years that you agree to pay your mortgage back in.
30-Year Mortgage – Lower payments, but you will pay close to double the amount of the home
15-Year Mortgage – Payments will be higher, but you will save in the long run
If a shorter mortgage is an option for you – you still may want to consider that if the payments become to stressful in a few years: defaulting on a loan or refinancing in the middle of your loan will cost MUCH MORE. Speak to your real estate agent about options for you and carefully examine the total cost of a home.
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