As with any home mortgage loan and financial product, a 15-year mortgage comes with benefits and drawbacks attached. Readers considering applying for or refinancing to a 15-year mortgage would do well to consider their budgets, financial goals, and individual situations when deciding which mortgage type and term to pursue.
Pros Of A 15-Year Mortgage
Youll find many upsides attached to 15-year fixed-rate loans that make them attractive to certain groups of home buyers. If your goal is to build equity, pay off your mortgage over a shorter loan term, and pay less in interest, you may find that a 15-year mortgage is the right fit for you.
- Build home equity faster: Paying off your mortgage in 15 years can help homeowners build equity in their home at a faster rate than doing so under the terms of a 30-year mortgage. Continue reading “The Pros And Cons Of A 15-Year Mortgage”