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Real Estate Iej
Eileen M. Day REALTOR
IS THE 15 YEAR MORTGAGE
FOR YOU?
The lsyear mortgage is a quick way to build equity and cut interest payments. It is gain ing in popularity, however, it isn't the best loan length for ev eryone regardless of how attractive it looks. Here are some factors to consider:
The most important consideration is the higher monthly payments, there’s no free lunch in financing. A shorter term means larger payments to pay off the principal. Although a 30 year loan will cost you more in interest over its lifespan, the monthly payments are spread out over twice the length and are lower. Can you afford the higher monthly payments of the 15-year loan?
How long do you expect to own the home you are buying? In general, the fewer years of expected occupancy, the more feasible a 15 year loan. You'll get a lot more cash back at sale time when you pay off the re maining mortgage since you will have paid more into principal each month.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House. Washington, Va. 22747. Phone 675 3033. We re here to help.
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