15 Year Mortgage verses 30 Year Mortgage

When you’re looking at interest rates on home loans, one thing really stands out: the 15 year loan rate is lower than the 30 year loan rate. Which raises the question, what’s better, a 15 year loan or a 30 year loan for your home? 

Before you read any further, let me make this clearyou should speak with your lender or loan officer before you decide to do anything. That’s their job to explain all the technicalities and in-between that this post will gloss over. I currently have a 30 year mortgage loan, but those interest rates on the 15 year ones definitely have me re-thinking…

The general advantages of a 30 year loan:
1. The amount you can qualify to borrow tends to be higher. Meaning a higher price range for you to look in. 
2. Your monthly payments are lower than if you had a 15 year mortgage on the same property.
3. Tax benefits are greater (you’re paying more interest)

Sounds nice, right? Who wants a 15 year loan then? Well, the advantages of a 15 year loan are:
1. Lower interest rate
2. You pay back your home loan in half the time.
3. You build equity in your home faster than you would with a 30 year loan. 

Ready to talk to a qualified lender? Contact me, I know some great ones!

Contact Green Bay Realtor Elysia Diaz