30 Year Fixed vs. 15 Year Fixed
It’s that time again, where we take a gander at two mortgage products to determine which may better suit certain situations.
While it’s impossible to universally choose one over the other, we can certainly pick out some of the benefits and drawbacks of each.
So let’s look at the “30 year fixed vs. 15 year fixed.”
30-Year Fixed More Popular
The 30-year fixed mortgage is the most common loan program available today. Why?
Well, most mortgages are based on a 30-year amortization, meaning they take 30 full years to pay off, and the 30-year fixed never adjusts for that entire duration, making it one of the most simple and straightforward programs out there.
In short, it’s safe and easy to wrap your head around, and thus very popular.
But there must be some drawbacks, right? Of course there are.
Mortgage Rates on 30-Year Fixed Higher
You pay a premium for a 30-year fixed vs. a 15-year f
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