When buying a home, you’ll have lots of options when it comes to shopping for a mortgage: which lender you’ll use, what interest rate you’ll have, whether your rate is fixed or adjustable, and how many years your loan will last. It can all get pretty confusing, so it’s important to know the pros and cons of a 15 year mortgage versus a 30 year one. Check out this infographic by LowerMyBills for more:
15 Year:
-Own your home in half the time
-Lower interest rates
-Higher monthly payments
30 Year:
-Lower monthly payments
-Higher interest rates
-You won’t own your home for 30 years.
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