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With modern lenders providing more financing options for homebuyers than ever before, the mortgage landscape can be confusing and overwhelming at times. However, understanding the primary differences between a 30-year mortgage and a 15-year mortgage can provide a solid foundation on which to base your borrowing decision.
Due to its lower monthly payments, a 30-year mortgage with a fixed interest rate has always been the standard choice for first-time homebuyers. However, those who are looking to pay less in total interest charges will be wise to consider 15-year terms. To gain a more in-depth understanding of which mortgage length provides the advantages you are looking for, carefully review the guide below before speaking with your next potential lender.
Understanding the 30-Year Mortgage
Understanding the 15-Year Mortgage