Is it better paying a 30yr Fixed Mortgage Loan contained by 15 yrs Vs. Getting a 15yr Loan to mortal near?
Which is the better deal (or paying less amount)?
Getting a 30yr Fixed Mortgage Loan and paying it past its sell-by date in 15 yrs
OR
Getting a 15yr Fixed Mortgage Loan?
I know the 15yr has a better interest rate than the 30yr but would it is roughly speaking the same if I pay the 30 yr loan within 15 yrs? what if I pay it in 10yr?
(I would acquire a 30 yr loan 'just in case' i need the extra money for other emergency but I do plan to pay off the house surrounded by 15 yrs.)
Thanks
Answers:
Assuming there are no penalties for untimely payoff, then no, it wouldn't make that big of a difference. But don't discount the interest rate so in the blink of an eye. Over 15 years, even a quarter point of interest is a lot of money on a loan as large as a mortgage typically is.
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I would love to assist you. Email me rear legs, and let's discuss!
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I am on line now! Source(s): Mortgage Broker
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my banker has changed my fixed loan to a balloon because i be late a few times after my wife was kill in an train/auto wreck. this happend july 3, '02.in may...
Getting a 30yr Fixed Mortgage Loan and paying it past its sell-by date in 15 yrs
OR
Getting a 15yr Fixed Mortgage Loan?
I know the 15yr has a better interest rate than the 30yr but would it is roughly speaking the same if I pay the 30 yr loan within 15 yrs? what if I pay it in 10yr?
(I would acquire a 30 yr loan 'just in case' i need the extra money for other emergency but I do plan to pay off the house surrounded by 15 yrs.)
Thanks
Answers:
Assuming there are no penalties for untimely payoff, then no, it wouldn't make that big of a difference. But don't discount the interest rate so in the blink of an eye. Over 15 years, even a quarter point of interest is a lot of money on a loan as large as a mortgage typically is.
I Can Help With Your Mortgage!
I would love to assist you. Email me rear legs, and let's discuss!
MSmith(a)PrecisionFundingUSA.com
M
I am on line now! Source(s): Mortgage Broker
Related Questions:
Can anyone abet me next to my mortgage woes?how could i find out if my loan officer is "up to no good"?
my banker has changed my fixed loan to a balloon because i be late a few times after my wife was kill in an train/auto wreck. this happend july 3, '02.in may...