15 year mortgage verses 30 year mortgage
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