Regal Crest Luxury Homes

Which is better for you, a 15 year mortgage or a 30 year mortgage? Let's take a look at the differences to help you decide: If I asked you if you would like to pay off your home in 15 years as opposed to 30 years, chances are your answer would be a firm, "Yes".  30 year loans are the most popular. The benefit of a 30 year loan is a lesser monthly house payment. On the other hand, you are paying more interest on the home. On a 15 year mortgage, your monthly payments are higher but you pay less interest over the duration of the home loan. Equity in the home increases quicker on a 15 year mortgage. My advice to you would be to get pricing for both loans, a 15 year and a 30 year and see if the 15 year falls into your monthly budget. More from Regal Crest Luxury Homes: Calling all first time luxury home buyers Listing your home: Photo tips We all love a pretty kitchen

WS Chronicle According to Bankrate, the interest rates have recently fallen to 4.49% for a 30 year fixed loan. One year ago, the interest rate for a 30 year fixed mortgage was 4.54%. With the current rate, you will pay about $506 a month per every $100,000 on the loan. A 15 year mortgage fell to a low 3.83%. Other mortgage rates that fell are the 5/1 adjustable  rate mortgage (4.15%) and the 30 year fixed rate jumbo mortgage (4.43%). For more information, you can visit Bankrate.  Need help finding the perfect home to take advantage of the low interest rates? Realtor: Amy Sossamon: 919.671.1479 Regal Crest Luxury Homes