Considering refinancing? Buying a new home? It maybe worth discussing a 15-year loan instead of a traditional 30-year mortgage. Monthly payments will be higher but your interest rate will be lower and your equity will climb faster.
Below I have provided an example for comparison on a $300,000 mortgage with two terms. One 30-year term at 3.92 percent and one 15-year term at 3.2 percent rate. The shorter term loan will have higher payments by $682.28 but the equity will be considerably higher even after taking account of the higher payments. CONTINUE READING--->