When you select a 15 year fixed rate it could send up saving you lots of money in reduced interest payments over the life of your loan. You also will 100% own your home in a much shorter time frame. Not everybody can make this type of commitment, however Sean Casey can help you consider the future and discuss the benefits with you of having a shorter term loan.
30 Year Fixed Rate Home Loans
With a 30-Year Fixed mortgage, the interest rate stays constant and your monthly payments do not change. If you are planning on staying in your house for at least seven years that might be a good option. If you are planning to move in less than seven years, usually an adjustable-rate loan will be less expensive. In general, it is more difficult to qualify for a fixed-rate loan compared to an adjustable rate loan. When there are low interest rates, usually a fixed-rate loan won’t be much more expensive compared to an adjustable-rate mortgage and over the long run might be a better deal since you can lock the rate in for the entire life of the loan.
