15 Year Mortgage Good Or Not So Good

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Introduction

• A 15-year mortgage helps you complete your home
  loan much faster. Budgeting higher monthly
  payments are important.
• Keep in mind some pros and cons of a 15-year
  mortgage.
• A 15-year mortgage is an excellent home loan for
  homebuyers who can pay much higher monthly
  installments and want to close their mortgage in
  half the normal time, while saving a significant
  amount of interest.
• This type of mortgage requires a continuous
  income and you can save enough money after your
  monthly installment to handle routine expenses
  and emergencies.

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• Less than two in six borrowers are using a
  15-year mortgage. Many borrowers turn away from
  the shorter home loans when they know that it
  requires a huge payment on a monthly basis.
• A 15-year mortgage can be described as a
  fixed-rate mortgage that will be cleared in
  15-years when you make all the payments on time.
• These mortgages come with a fixed rate, which
  carries the interest rate and payments the same
  till the mortgage is completed. However, your
  taxes and insurance payments can change.
• If youre thinking about a 30-year mortgage, then
  look for a lower mortgage payment option.

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Pros of a 15-year mortgage

• If you choose a 15-year mortgage youre probably
  going to save a lot of dollars over the life of
  the loan. With this youll also have significant
  savings.
• A 15-year mortgage offers an average interest
  rate of at least 3/4 of a percent lower than
  30-year mortgages.
• The benefit of a 15-year mortgage loan is that
  youll grow equity faster.
• When your monthly mortgage payment is higher and
  you pay less interest, equity will grow faster.
• A 15-year loan term is an excellent way to save a
  lot of money.

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• Making a higher payment each month will let you
  spend less and invest more.
• If anything changes in your financial status you
  would be compelled to refinance or miss payments.
• With a 15-Year Mortgage, you would be allowed to
  pay the mortgage off faster, get a lower interest
  rate, enjoy substantial savings over the life of
  the loan, and eventually have lower closing costs
  in some cases.
• Shorter-term loans are lower at risk and cheap
  for banks to fund. If you got your mortgage from
  one of the government-sponsored companies, then
  you would likely pay less in fees for a 15-year
  loan.

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Reasons Why You Shouldnt Go for a 15-year
mortgage.

• One big reason homebuyers choose not to get a
  15-year mortgage because it demands a higher
  mortgage payment.
• In a 15-year mortgage payment, you would be asked
  to pay more hundreds of dollars per month.
• The monthly payment on a 15-year loan is higher
  and it causes your DTI ratio.
• One disadvantage of a 15-year mortgage is that
  you have to make higher monthly payments.
• In shorter mortgages, higher payment might
  restrict the buyer to a more modest house.
• The higher payment means a borrower may not get a
  chance to build up other savings.

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Is a 15-year mortgage good for you?

• A 15-year, fixed-rate mortgage is a wonderful
  option for borrowers who can pay heavy amounts
  while still saving and investing for retirement.
  
• Completing a mortgage gives a feeling of freedom
  and safety to many people. The 15-year mortgage
  has become a choice for those who want to own a
  home by a certain time.
• You can refinance your existing loan, aim to
  become debt-free by retirement or free up cash
  flow for remodelling or to help pay off student
  loans or buy a home.

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• If your income is not consistent, avoid this type
  of mortgage.
• Ask yourself and mortgage lenders what would
  happen if your income is average and your
  payments become too much.
• Understand your needs and situation, then take
  the right decision.
• For more details visit https//www.drewmortgage.
  com/15-years-mortgage-pros-and-cons/

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• If youre looking for a mortgage lender in MA,
  Drew Mortgage Associates, Inc. can help you
  choose the right loan and provide you with all
  the valuable information about the mortgage
  loans.
• Drew Mortgage Associates, Inc. is the most
  preferred mortgage lender in MA.

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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]
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