By Sharon Bartlett
Which mortgage is right for you? Part II Let’s get started!
SO WHAT ARE MORTGAGE TERMS? Many people are now looking to refinance their homes to qualify for better rates, especially after the COVID-19 pandemic.
However, that shouldn’t be enough to help you determine which one suits you best. There are a variety of other factors that you need to look at, including;
To refinance, or even if it is your first time getting a loan, one of the decisions you’ll have to make is choosing between the 15 year mortgage term and the 30 year mortgage term.
1. The interest rates are given and how comfortable you are with them. 2. How much interest you are comfortable paying without overstretching your limit. 3. How much home you can afford. 4. How fast you’d like to be mortgage-free. 5. The 30-year term is the preferred option for many people, but as you shall find out later, the 15-year mortgage term offers some benefits, but this will depend on your financial goals.
WHICH ONE IS RIGHT FOR YOU? If you are getting a mortgage loan, know which gives you the best features in terms of the APR and interest rates.
WWW.THEPOWERISNOW.COM
15-YEAR MORTGAGE TERM VS. THE 30-YEAR MORTGAGE TERM The obvious difference between the two is the repayment period.
l
43
123rf.com
I
n our last article, I introduced mortgages, and I also discussed which mortgage is right for you. If you haven’t had a chance to read my previous article, check out our last month’s publication of The Power Is Now Media National Magazine here. This month we focus on mortgage terms.