Should I Switch to 15 years Fixed Mortgage To Paid My Mortgage Faster?

Should I Switch to 15 years Fixed Mortgage To Paid My Mortgage Faster?. 15 vrs 30 Mortgage

Should I Switch to 15 years Fixed Mortgage To Paid My Mortgage Faster? video duration 1 Minute(s) 59 Second(s), published by Gustan Cho Associates on 11 12 2018 - 23:07:31.

Should I Switch to 15 years Fixed Mortgage To Paid My Mortgage Faster? All mortgage loan programs have the option of 15 Year Versus 30 Year Fixed Rate Should I Switch to 15 years Fixed Mortgage To Paid My Mortgage Faster? All mortgage loan programs have the option of 15 Year Versus 30 Year Fixed Rate .

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If you enjoyed the video on which is best, a 30 year mortgage or a 15 year mortgage, please take a moment and Why should home borrowers convert their 30 Years mortgage to 15 years mortgage Why should home borrowers convert their 30 Years mortgage to 15 years mortgage.

Should I Switch to 15 years Fixed Mortgage To Paid My Mortgage Faster? All mortgage loan programs have the option of 15 Year Versus 30 Year Fixed Rate Mortgage Loans
15 year home loans means higher monthly housing payments due to the shorter amortization term
However, a major benefit of 15 Year Versus 30 Year Fixed Rate Mortgage Loans is 15 year mortgages have lower mortgage rates
30 year mortgages have lower monthly payments due to the longer amortization term
However, 30 year rates are higher
We will discuss the benefits of 15 Year Versus 30 Year Fixed Rate Mortgage Loans on this blog and compare the pros and cons.

Comparing 15 Year Versus 30 Year Fixed Rate Mortgage Loans
Lets compare 15 Year Versus 30 Year Fixed Rate Mortgage Loans and see which is best for the individual borrower.

There are also 25, 20, 10 year fixed rate mortgages. However, the 15 year and 30 year fixed rate mortgages are by far the most popular loan programs in the United States
Great benefit on fixed rate mortgages is that the mortgage interest rates is fixed over the term of the loan
So homeowners do not have to worry about the principal and interest ever going up during the mortgage term
The only way homeowners monthly payment will fluctuate during the mortgage term is if property taxes and/or homeowners insurance changes
15 Year Versus 30 Year Fixed Rate Mortgage Loans
The benefits of 30 year mortgages is homeowners will get lower monthly principal and interest payments.

Homeowners will not be stressed month after month with the extra heftier monthly mortgage payments of a 15 year mortgage
With the extra money they do not have to pay with the 15 year fixed rate loan, they can use those funds in investing and/or other needs
They can always make extra monthly payments towards their mortgage loan principal balance and shorten the 30 year loan term
This requires a lot of discipline
Negative includes higher interest rates and tens of thousands of dollars in interest expense
An average mortgage loan in the United States is $200,000
In general, a homeowner will pay $55,000 in mortgage interest on a 15 year mortgage loan balance at a 4.25% interest rate
A homeowner will be paying $193,000 in interest expense at a 5% rate on a 30 year fixed rate mortgage
The extra 15 years adds up big time in interest expense