Using this tool will help show you the advantages of a shorter term (15 year loan) that will maximize building equity and paying your home down versus a longer (30 year loan) that will maximize monthly savings
By choosing a shorter-term loan, you will be committing to a larger monthly payment as more money will be applied to your principle balance allowing you to quickly build equity. The main benefit as you will see below is the amount of money you save in interest which can be eye opening!
If you decide you want to maximize your monthly savings, a 30 year option will be the best way to do that. The tradeoff is that you will pay more interest over the life of the loan, but the low monthly payments makes the 30 year fixed option the most widely used by consumers today.
Make sure to speak to a licensed JFQ lending specialist to inquire further after comparing a 15 year mortgage versus a 30 year mortgage option below! (insert application link here) and add company phone #