A Comparison: 15 year vs 30 year Mortgage

Great tips!

Realtor KJ



Did you know that home buyers receive a lower interest rate and ultimately pay less for a property with a 15 year term mortgage? As interest rates are increasing, buyers are still looking for ways to take advantage of this low interest rate market.  By speaking to a mortgage lender, buyers can discuss different options for purchasing a home.  Buyers may be hesitant that they cannot afford the higher monthly payments, but they can have the home paid in full within 15 years.  Imagine life without a mortgage? Pretty wonderful! This is also a great investment for the future, even for your children’s future.

Here is a side by side comparison on what the figures of a fixed 15 versus 30 year mortgage.
Microsoft Word - 15 year mortgage rate Vs 30 year_SH

Chart from CAR.org.

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