Tiffany Morrisett Coldwell Banker Real Estate Agent

  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 so much short