benefits of 15 year mortgage

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4 Reasons to Get a 15-Year Mortgage | The Motley Fool – A 15-year mortgage will come with a higher monthly payment, but the shorter the life of your loan, the less money you wind up throwing away on interest charges. Let’s say you’re looking to take out a $200,000 fixed-rate mortgage, and you’re approved for 4% interest for both a 15-year and 30-year mortgage.

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The Benefits of a 15-Year Mortgage – Bank Midwest – A 15-year mortgage, therefore, helps you build equity faster than if you had chosen a loan with 30-year repayment terms. Equity can come in handy if down the line you anticipate the need for major renovation projects, or you need a large influx of cash to help make big purchases.

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Benefits of a 15 vs a 30 Year Mortgage | PT Money – Benefits of the 15 Year Mortgage. If you’re thinking about doing a 15 year mortgage or refinance, here are some of the benefits you’ll enjoy: Better Rates – Since you’re borrowing money over a shorter period of time, lenders will extend a much lower interest rate on your mortgage. This, of course, results in savings on the amount of interest you are paying compared to a 30 year mortgage.

30-Year and 15-Year Mortgage Benefits and Drawbacks – With the 30-year term, you are going to be making your payment for a lot longer than the 15-year term; higher interest rate compared to 15-year mortgage; The Consumer Financial Protection Bureau (CFPB) also has an entire mortgage resource guide on its website. The CFPB is responsible for recently putting several mortgage rules in place that are.

Advantages of a 15-Year Fixed-rate home loan. The big advantage of a 30-year home loan over a 15-year loan is a lower monthly payment. However, for those who can afford the slightly higher payment associated with a 15-year mortgage are getting a better deal in almost every possible way.

The Benefits of Refinancing to a 15-year Mortgage – Desert. – The Benefits of Refinancing to a 15 Year Mortgage If you’re in a better financial situation now than you were when you agreed to that 30 year mortgage or adjustable rate home loan, now might be a great time to refinance and get extra money by potentially saving tens of thousands of dollars or more on interest.

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Benefits of 15-year mortgage hard to beat – Inman – After 15 years, the borrower with the 15-year loan has paid $39,454 more but is out of debt whereas the borrower with the 30-year loan still owes $64,543. But there is a counterargument.