15-Year Mortgages v. 30-Year Mortgages
There are many questions involved in searching for a home that is perfectly tailored to you: Size, location, and a plethora of other factors can often preoccupy us as we search for a home. However, we often overlook a vital question as well: what type of mortgage should you get? This can sometimes be the most overwhelming question possible, and it can be difficult to understand and decide between a 15-year mortgage and a 30-year mortgage. Luckily, Ashley Sutphin of Realty Times has made an article to help explain the difference!
A 30-year mortgage is often considered the more traditional loan, and as the name suggests, is paid over a 30-year plan. This longer plan has lower monthly payments, and you can qualify for homes and mortgages more easily. However, it occurs more slowly, and higher interest rates mean that you might pay more over a longer period of time. Meanwhile, a 15-year mortgage is often considered an alternative. With mortgages determined by annual rates, a shorter plan will cost less. They are also seen as less risky, and may have lower interest rates and insurance than a 30-year plan. However, this means that monthly payments can cost more, meaning you may qualify for less and not have as much money to put into savings.
With this new information, you can now continue your home hunt with a little more confidence. Here at Jet Direct Mortgage, our priority is helping you get the best service possible. If you’d like to learn ore about us, or taking out a mortgage, then come visit us at Mortgage Lender | Mortgage Broker | VA USDA Loan (jetdirectmortgage.com)