This video will explain some of the advantages of the two basic mortgages available in today’s market.
With A 30-Year Term: In the first 23 years of the loan more interest is paid off than principal meaning larger tax deductions. As inflation and costs of living increase mortgage payments become a smaller part of overall expenses.
With A 15-year Term: Loan is usually made at a lower interest rate. Equity is built faster because early payments pay more principal. And the loan is paid off earlier.
Compare payments, principal and interest totals to make a decision.
If you have questions, we can help! Seaview Title Company, LLC.