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.

Direct Access

There’s another little tidbit that could benefit your buyers.  VA will allow cash out refinances (not all lenders do though) of up to 100%!  This is, to our knowledge, the only product on the market that allows this. 

We also have a unique advantage when it comes to VA and other loans – Patty Aguon.  She had (until she became a retail loan officer) been underwriting VA, FHA, conventional, and jumbo loans for the last 15 years.   She also was the Operations Manager and Underwriting Manager for two of the area’s largest loan companies.  Imagine – having direct access to the underwriting manager – now you do!

Check out OUR rates, we’ve got some of the best in town!

Based in Folsom, California, Sierra Pacific Mortgage has 144 offices nationwide. The Easterbrook Team at Sierra Pacific is associated with the #1 office in the nation for SPMC for 2015.  We want to thank you so much for the support.  Come by and visit our office at 806 Bidwell Street in Folsom.  Keep the loans coming and we’ll keep closing them at lightning speed with a positive, smooth, and transparent experience.  Call us at (916) 850-6050.