Mortgage rates have reached record lows. Freddie Mac reported 30-year Fixed Rate Mortgages (FRM) below 3% and 15-year rates below 2.5% (best in 30 years).
Lower rates mean reduced monthly payments. We’ll compare 2 mortgages that enable you to lock-in low rates, 15- or 30-Year FRMs.
• Payments. Monthly payments more affordable since they’re spread over 30 years.
• Purchasing Power. Lower payments make it easier to qualify for a higher-priced home.
• Cost. Paying interest for 30 years yields a greater total cost.
• Equity. More interest is paid on the front end, so equity growth takes longer.
• Cost. Paying interest for a shorter period yields a lower total cost.
• Equity. Principal is paid earlier, so equity is built faster.
• Payments. More expensive since they’re spread over a shorter term.
• Purchasing Power. Higher payments make it harder to qualify for an expensive home.
The decision is yours, and I’m here to help. Whether you’re a first-time buyer, motivated seller, seasoned investor, ambitious agent, or anywhere in between, I look forward to working together!
– Leron Grossman, Real Estate Broker & Investment Expert
VictoryRealEstateLLC.com | Office: 215-709-0909