*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Mortgages can be complicated. The qualification process can sometimes be nerve-wracking, and the decision making opportunities can sometimes be confusing. Hopefully this will help you come to the conclusion of one of the most common decisions that borrowers can run in to.
Lets say that you qualify for a 15-year and 30-year mortgage. Which one do you sign up for?
One of the main differences is the price that needs to be paid month by month. For instance, on a 30-year fixed rate loan at $500,000 would cost you just over $1,000 less per month than a 15-year loan would.
Is it worth spending the extra money each month to be finished with your loan 15-years earlier? That's something you'll need to consider when deciding on which loan product you'd like to pursue.
Something that is nice about 15-year loans is that interest rates are usually lower than 30-year loans. Banks like the idea of mitigating risk, and paying off a loan in a shorter period of time does just that.
For more information on the pro's and con's of 15-year loans versus 30-year loans, contact me today!
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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