The relative bargain of a fifteen-year mortgage is its highest in eight years.
This is Dan on your inside team at Growella with today's Mortgage Minute-and-a-Half.
For home buyers considering a mortgage, it's an excellent time to look at the fifteen-year
fixed rate mortgage.
The fifteen-year mortgage gets less press than its thirty-year fixed-rate cousin, but
for people who can be comfortable with its larger monthly payment, the fifteen-year is
looking pretty good right now.
According to Freddie Mac which publishes a weekly mortgage rate survey based on more
than one hundred U.S. lenders, 15-year fixed rate mortgage rates average near three-point-three-seven-five
right now and thirty-year fixeds average near four-point-oh.
The spread in the rates is less than typical as compared to the last few years, but because
of where the rates are and how mortgage payments get calculated, homeowners choosing the fifteen
stand to save huge amounts of money relative to borrowers at any other time this decade.
Today's homeowners choosing the fifteen-year mortgage will pay sixty-five percent less
mortgage interest over the course of paying off their loan as compared to people who choose
the thirty.
That's a one-hundred nine thousand dollar savings on a typically-sized loan which is
biggest mathematical savings during any period since two thousand ten.
That's one-hundred nine thousand dollars.
And it's cash.
That kind of money could pay for a lot of things in your life.
It can fund retirement, it can pay for an education, it could jump-start career as a
real estate investor.
Take a look at today's fifteen year.
The timing's especially good.
Mortgage rates are unchanged this morning.
Conforming 30-year rates are near three-point-eight-seven-five percent, FHA mortgage rates are near three-point-seven-five
percent, and VA and USDA mortgage rates remain near three-point-six-two-five percent.
Remember that the rates you get from a lender might be higher or lower depending on your
loan size, where you live, and your credit score.
Your choice in loans will make a difference, too.
Fifteen-year mortgage rates are less than thirty-year rates, and special programs like
the 100% Doctor Loan for vets and MDs will vary, too.
Talk to two or more lenders before choosing your rate and for a personalized quote, click
the link in the description.
On the topic of fifteen-year mortgages, the 15-year fixed is going to be right for some
people, and not so right for others.
You borrow the same amount of money with a fifteen, but you compress the payments into
half the time as compared to a thirty-year.
Because of this, the payments are bigger each month.
You're paying off the same amount of money but in fifteen fewer years.
However, in your favor is amortization, which is the math of how your loan gets paid back.
On a fifteen year, because of amortization, your balance goes down way faster than with
a thirty.
Two-thirds of your payment is comprised of principal.
With a thirty-year at today's rates, two-thirds of your payment is interest.
And, because your loan balance is paying down more quickly, lenders feel more safe with
the shorter-term loan, which gets you lower rates.
Historically, by more than a half-percentage point.
However, if the payments on the fifteen are going to stress your budget, just plan to
keep clear.
Unsustainable payments lead to bad outcomes.
It's better to be in control.
See how a fifteen-year mortgage might fit in your budget.
Click the link in the description to talk with us directly.
For mortgage rates and personal finance news, visit Growella.com.
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