If you want to save money and build equity at a faster rate, a 15-year mortgage could be the thing to help you.
15-year mortgages are worth considering if your budget allows for it. Doing so may allow you to make half as many mortgage payments and owe thousands less in interest over the life of the entire loan. Right now, they’re more affordable than ever. If you have no idea how a 15-year mortgage works or what the catch is, you’re not alone. Here is why you should consider a 15-year mortgage and the benefits it may bring to you and your life.
- Save Money
Everyone loves to save money. With a 15-year mortgage, it cuts your home-loan payment time in half. The faster you repay you home loan, the less interest you have to pay. It can potentially save you tens of thousands of dollars over the short lifespan of your loan.
- More Equity Built
When you repay your mortgage faster, you don’t only save money; you build equity in your home faster as well. Fuse a shorter mortgage term with rising home prices; you potentially can grow the amount of equity you have.
Is This the Right Loan for You?
The best candidate for this kind of mortgage is someone who has an incredibly strong, consistent, and possibly increasing income to handle the larger monthly payments. Those who have no consumer debt and already save and invest can consider this great option.
If you’re feeling intimidated by the process, contact a dedicated home loan specialist like me, Andraya Coulter. I serve the Bay Area and the entire state of California and Texas with quality, suitable, home loans! I can help guide you through the refinance process and make sure you get the home loan you deserve. Call me!