Mortgage rates are at historic lows for all types of loans. However, the difference in interest rates for 30-year and 15-year mortgages is worth looking at. 15-year mortgages require higher monthly premiums for the same loan amount, but the shorter term brings real money back into your income stream faster, and with significant savings over 30-year mortgages. On the current, average home-sale price, savings are estimated at over $100k for the term of the loan. However, those savings come with higher monthly payments, over $600 for the average home purchase price. Have a look at this great article that compares the options.
Theresa Springer’s Blog
Half The Loan Term Is A Great Deal All The Time
January 22, 2015