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Have you considered
15 vs 30 year financing?
Mortgage rates are hitting or hovering around all time lows, including 15-year fixed loans. If you are thinking about buying or refinancing, a 15-year fixed mortgage might be an option to consider. With the rates as low as 2.56%, the monthly payment on a
15-year mortgage now is similar to what the payments would have been on a 30-year mortgage at the old rates of around 7% to which we'd been accustomed. Using the rates above, on a $300,000 loan, the monthly principal and interest payment on the 15-year loan is $2008.85, while the payment would be $1995.91 for the 30-year loan. This presents a great opportunity to save a lot on interest payments and build equity faster. It's definitely something to consider....
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Seashore Homes for Sale
(Consult with your financial advisor to discuss your specific situation)
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