Shorter Term Higher Savings On Mortgages In The Woodlands And Spring

Shorter Term Higher Savings On Mortgages In The Woodlands And Spring

Whether you’re refinancing your current home or buying a new one, something worth considering is a 15-year loan rather than a 30-year term. The payments will be a little higher but you’ll get a lower interest rate and you’ll build equity much faster.

30348233-250.jpg

Let’s look at an example of a $300,000 mortgage with the choice of a 30-year term with a 3.92% rate compared to a 15-year term with a 3.2% rate. The payments would be $682.28 higher on the shorter term but the equity would be considerably higher even after you adjust for the higher payments.

Another benefit is that the shorter-term loan creates a forced savings situation where the savings on longer term loan might end up being spent rather than being saved and invested.  A conscious decision to pay more in payments could pay big dividends in the future.

Visit my website or start your home search in The Woodlands and Spring here: 




Traci Fowler Headshot
Author:
Phone: 832-540-6767
Dated: August 21st 2017
Views: 277
About Traci: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Join The Team - BENEFITS AND  FEATURES eXp
Shorter Term Higher Savings On Mortgages In The Woodlands And Spring - Whether you’re refinancing your
Projects To Boost Curb Appeal In The Woodlands And Spring - Given the amount of time
SHOULD I PUT A LOW OR HIGH DOWN PAYMENT ON MY HOME - The minimum down payment on an FHA

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Tawanna Harding
9600 Great Hills Trail Suite 150W
Austin, TX
713-489-7161