There are several reasons why a thirty-year mortgage may not be best for you, even if it seems like everyone else is signing up for one. To start, people that are locked into a thirty-year mortgage have to pay quite a bit in interest, and they remain in debt much longer than someone that signs up for a fifteen-year mortgage.
As a result, fifteen year mortgages are becoming more popular of late. Approximately one-third of all homeowners are opting for them when they refinance their properties. It doesn’t matter if you are buying a home for the first time or if you are refinancing, a fifteen year mortgage may be right for you for several reasons. Think through the following points.
Prodigy Lending is a DBA of AmCap Mortgage, Ltd. (NMLS ID# 129122 – www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/129122), an Equal Housing Lender.
Managing RMLO: Jason Turner (NMLS #286357)