Financing Highlands NC Real Estate, 15 or 30 Year Mortgage?
When considering financing Highlands NC real estate many people weigh which length of time is better, a 15 or a 30-year mortgage? Whether a person is buying a home or refinancing a home, this is a good question to ask. Evaluating the answer will help make a sound financial decision and perhaps save a great deal of money over the lifetime of a loan. Your Highlands NC REALTOR will be able to recommend a local lender, who in turn should be able to answer all of your questions.
The biggest difference between a 15 year and a 30-year mortgage is time. A 15-year mortgage will be paid off in 15 years, half the time of a 30-year loan. This shorter time period is more desirable for many. However, the shorter time frame also means fewer years to pay off which equates to larger monthly installments. In short, a 15-year loan is less money over the long term but more money in terms of monthly payments.
What works best for you?
Deciding on a loan is important, whether you are buying a Highlands NC home for sale or refinancing. What really comes into play is your financial picture. Do you need a lower monthly payment to suit your budget? Also, do you need a larger loan? Often a loan can be a larger amount if it is spread over more time. There are many options for home loans. Making the right decision for you and your family’s finances is what is important.
Learn more about financing Highlands NC real estate
Contact me, Lynn Kimball, today to learn more about buying and selling Highlands NC homes. I welcome the opportunity to update you on the market while recommending local lenders at the same time. Financing is a big part of homeownership and making a wise decision is important. Let my knowledge and experience serve as your guide to the Highlands NC real estate.
Click here to read “15 vs. 30-year Mortgage: What to Know” from Realty Times.