In this article, we will discuss why this subject is so important and how you can benefit from this information.
It used to be the first choice of most borrowers, because since the total payments are spread over a longer period of time with the interest rate set for the entire time of the mortgage. 30 year home loan rates are an industry standard but is it the right choice for you?
As we mentioned, the plus side for a 30 year home loan is lower monthly payments. This attraction is somewhat dimmed by the fact that you pay thousands extra in interest. But, your interest is 100% tax deductible which does lower your after tax cost. It offers you some flexibility so that if your financial situation changes and you have more money you can pay it off in less than 30 years, this while keeping the low monthly payments. Your payments are smaller so in reality you can purchase a larger roomier home.
We have just reached the tip of the iceberg, as the remainder of this article will help to further your understanding of this not so easy subject.
To show an example of the interest difference between 30 year home loan rates and one of the other rates. On a 30 year,...
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