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Benefits to Short Term Mortgages

By
Real Estate Agent with Keller Williams Real Estate

short term long termConsidering 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--->

Posted by

Thierry Roche

Host of Talk Radio’s ‘Inside Real Estate’

Keller Williams Real Estate

 

703-303-4010

 

www.ThierryRoche.com

Comments(1)

William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Short term loans will have a lot less money paid in interest

Aug 31, 2017 06:00 AM