30 or 15-Year Mortgage? Those aren’t your only choices. If you're brand new to the wonderful world of home loans, you might be a bit overwhelmed by how many different types of financing options are really out there. Both primary loan types (fixed-rate and adjustable-rate) have many variations, so how do you know which one is best for you? Let’s start with Fixed-Rate Mortgages. The most popular loan in today's marketplace is the 30-year fixed . This is a loan paid over the course of 30 years, with a fixed interest rate, meaning you’ll pay the same interest rate in year one as you will in year 30 of your mortgage. Your payment may change due to insurance or taxes, but generally a 30-year loan is seen as a practical option due to its stability, simplicity, and month-to-month affordability. So, what's the attraction of the 15-year-fixed ? A 15-year loan will have slightly lower interest rates compared to a similarly priced 30-year loan, but since the term is s...
Tiffany Morrisett is a Real Estate Broker with Coldwell Banker serving the Northwest Suburbs of Chicago. Owner of affordable, elegant home furnishings store, Tiffany-Interiors.com Real Estate: TiffanyMorrisett.cbintouch.com Affordable and elegant Home Furnishings: Tiffany-Interiors.com Direct Phone: (847) 857-8276 Email: tiffany.morrisett@cbexchange.com Social: facebook.com/AnAgentYouOughtaKnow twitter.com/MorrisettAt instagram.com/tiffanymorrisett_realtor/