One of the biggest benefits of a 15-year mortgage is the ability to pay off your house quickly, according to moneycrashers.com. In addition, you'll save thousands of dollars on interest expenses over the life of the loan. Equity - the difference between what your house is worth and what you owe on the mortgage - builds at a faster rate with a 15-year loan than with a 30-year loan. Middle-age buyers, who want to pay off their mortgage by the time they retire, often opt for the 15-year loan.
So then, what are the benefits of a traditional, 30-year mortgage? A lower monthly payment is the biggest benefit for a 30-year loan. In many cases, younger home buyers may need the lower payment in order to qualify for the loan. The security and peace of mind that a lower payment offers.
Keep in mind that the interest paid on a mortgage is tax deductible. Some high-earners, self-employed individuals and independent contractors may benefit from the longer term.
Financial analyst at bankrate.com offer a third scenario. Borrowers can choose the 30-year option and then pay extra money toward the principal whenever their budget allows. This financial flexibility is especially beneficial for younger buyers who expect their earnings to increase in the coming years.
Property Search
RSS Feed
Search Blog
Recent Blogs
How To Increase Your Zestimate On Zillow - Determining the value of your home
Why Not To Skip A Home Inspection - In a highly competitive market,
Amenities Buyers Are Seeking For - Buyer know what they want: Homes
The Junk Drawer - The Junk Drawer by Stacey|
Our Bloggers
Alex Altaly - 8
Semion Androne - 7
Jerome Ball - 18
Surya Basava - 2
Gary Brown - 2
Edward Budnek - 3
Jason Crouch - 1
Susan Doyle - 3
Hossam Elsayed - 10
Torre Escott - 3
Tyler Finkler - 14
Jennifer Gonzalez - 7
Stacey Hawkins - 14
Kristen Heap - 2
Chris Johnson - 16
Denis Joseph - 2
Lori Kempton - 2
Rose Nassar - 4
Dennis and Laurie OBrien - 7
Candace Rebecchini - 34
Chris Russell - 154
Alison Segrest - 5
Christina Strickland - 11
Meredith Thomas - 2
Javaria Usmani - 1
Karin Waterschoot-Perez - 134
This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.
Click 'Save' to add a property to this list.New & returning visitors please enter your information to login.
This message will go directly to the head of our team.
Español
Francais
Deutsch
Italiano
Portugues 
Chinese 
Russian