The Pros and Cons of a 15 Year Mortgage

Only about one in six borrowers of conventional mortgages have used a 15-year mortgage so far in 2017. No doubt many borrowers shy away from the shorter home loans when they learn that it requires a payment that’s considerably larger.  In the long run, though, a 15-year mortgage saves money.  The cons include, the buyer has more equity tied up and will qualify for a less expensive home than if they’d stretch the loan over 30 years. Our friends at Builder Magazine wrote a nice comparison between the benefits and drawbacks.  Check out the article HERE.  Looking to buy or refinance? Now may be the time to do it as opposed to waiting until next year.  Call the Easterbrook Team at (916) 850-6050 or email us at easterbrookteam@spmc.com.