Depending on your situation, the best option for you might
be a 15 or a 30 year fixed rate mortgage. Each has its advantages. With a 30
year fixed mortgage you get a long term loan that the changes in the market
will not affect. Because it is a longer loan, the monthly payments are lower
and more manageable. This type of loan also can reduce some of your federal
income tax because you may be able to write the interest off. But because this
is a longer term loan, the interest rate is higher than a 15 year loan. A
15 year loan you are able to build
equity twice as fast and have a lower overall interest charge.
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