Is a 30-Year Mortgage for You When Buying Your Lakeland Fl Home?

May 29th, 2013 13:08

If you are planning on buying a Lakeland Fl home with a home loan, stop and think first before getting a 30-year mortgage. While the 30-year loan is pretty much standard with homebuyers, it isn’t the only option for borrowers. There may actually be more advantages in getting a shorter mortgage. Deciding which type of loan to obtain depends on many factors, including which stage of life you are in. Here are some benefits of both 15 and 30-year loans to help you decide which would be best for you: Advantages of a 30-year mortgage: Lower down payment and more affordable monthly payments. You can buy a more expensive home since monthly payments are lower. You can deduct the interest from your taxes for a greater length of time. Since you are paying less every month, you have more cash available for diversifying and for savings. Advantages of a 15-year loan You end up paying less interest since your home will be paid off in half the time. Interest rate may be lower with a shorter mortgage. You are able to pay off the principal and gain equity faster. You are finished paying your home before you retire. You can obtain a home equity loan much easier since you have gained home equity faster. To make a sound and informed decision, make sure to consult your mortgage broker about your options. Shop around and compare loans to find the best terms and lowest interest rates. Authored by Petra Norris


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