Mortgage Rates

The Top secret At the rear of 15 Calendar year Home loan Rates





Brighton, Michigan | Home loan Mortgage Officer | Adam Lesner | NMLS 198818
When wanting at 15 calendar year mortgage rates it can be tempting to go that route. Matthew Like clarifies the normally overlooked professionals and drawbacks of a 15 calendar year mortgage vs. a thirty calendar year mortgage.

Michigan 1st Home loan
NMLS 130329

5 comments

  1. The real problem with a 30 year mortgage is people spend more on the house and cant afford to save. Buy a house and only a 15 year mortgage…….. you will have more net worth than the dummy with a 30 year ………

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  2. Yeah, these guys don't work for the banks at all lol. If you can afford to put 20% down, TAKE THE 15 YEAR LOAN!!!! these bankers make more commission on a 30 year loan, thats why they're trying to push it down your throat. A 30 year loan has a smaller mortgage yes, it's definitely not half the amount !!! dont know where they pulled that example from. but let's say you save the difference, and invest it elsewhere. You're not going to save or accumulate nearly on how much intrest the banks will take from you for the additional 15 years. NOT BY A LONG SHOT. if you take a $90,000 loan for 15 years, you'll end up paying around $35,000 in intrest , 30 year will be more around $140,000 in intrest have fun trying to save that, and not touching it for 30 years.

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  3. get a 30..make one or two extra payments a year and stick with it as long as possible..that will knock it down to around 20 years. always good to have breathing room of a 30 year note in case something comes up. the worse case is you make the minimum payment. for awhile. dont take risks with your primary home. an investment property is a different story.

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  4. All assuming "life" doesn't happen and you don't spend that money as opposed to the secondary savings. I guess I'm just not confident that I can take that additional money and put it aside for 15 years with using it elsewhere here and there. Giving myself the the higher payment gives the push I need to guarantee that the home will be paid off on time. If you have the fiscal fortitude to put that extra cash away for 15 years, then I will concede that on paper I can see a benefit. However for and my family, that won't work.

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  5. this is highly misleading. A payment on 15 year is NOT double the 30 year. in fact it's not even 50% more. on a 100k home with 5% at 30 year 3.5% interest payment is aprox. $570, a 15 year is only $770! due to a lower interest rate of 2.65%. There is no reason EVER to take a 30 year mortgage if you have the funds to pay the 15 year rates.

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