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Resurgence of the 15 Year Mortgage

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Real Estate Agent with Realty ONE Group, Dockside 126758

The below link is great information on the resurgence of the 15 year mortgage. When home prices and interest rates were much higher than present, home affordability was difficult for many. A 30 year mortgage allowed payments to spread-out over 30 years. We get it. But, during that period, the 15 year mortgage was much less popular as payments were too high. So far, still no newsflash. But, with interest rates being as low as they are and home prices having dropped significantly in so many areas, many buyers are able to opt for the 15 year mortgage. Overall, the shorter mortgage term saves a significant amount of interest and Portland, Oregon home buyers (or any home buyers) benefit from that.

Click link for the full article: http://homes.yahoo.com/news/as-mortgage-rates-fall--more-choose-15-year-option-005255208.html

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Call an experienced professional, Jen Woodbury, to buy or sell Oregon homes at 808-936-8957 and 503-218-3936.

 

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Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Colorado Broker / Referral Services

Jen, no doubt the 15 yr loan has always been a great product!  Today, it is even a BETTER product... with such low rates and home values still recovering from 13 yr lows.... what a great combination to reduce the debt liability over a short time frame!

Dec 23, 2012 02:11 AM
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Hi Jen, I have also been looking that the 15 year mortgages and agree.... They can reduce your total interest over the life of the loan that is paid and has become a more viable way to finance your home due to the low interest retes. Someone wanting to refinance a 30 year adjustable may want to look at this as well since interest rates may be going up within the next 15 years and by then this loan would be paid off!

Dec 23, 2012 02:18 AM
Jen Woodbury
Realty ONE Group, Dockside - Myrtle Beach, SC
MBA, Real Estate Broker, 541-499-994

Of course, buyers who are still nervous about committing to a 15 year mortgage can make extra monthly payments on a 30 year, realize nearly the same result with no prepay penalty loans and benefit from “the best of both worlds.”

 

Dec 23, 2012 03:14 AM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

All a 30 year did was fatten the banks and led us down the road of no return. I have always done 15 and the payments are not that much better.

Dec 23, 2012 05:05 AM
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