02 Apr The Holly Walther Team: Fun Fact Friday – 30 vs 15 year mortgage
Holly: Hey guys, happy Friday. It’s Holly. Oh, and my pretend little miss Daisy. And we are here with this week’s fun fact, Friday. First of all, I hope you, all of you that are headed out of town for spring break, have a wonderful and safe spring break and a very happy Easter if you celebrate.
Now back to this week’s fun fact Friday. With a recent increase in interest rates, while they remain historically low, it’s had a lot more people start thinking about maybe they should move from a 30 to a 15. And when looking at that, what are the benefits? Well, of course the 15 year means you’re going to pay a lot less interest over the term, but you’re also going to have a higher mortgage payment.
So when considering these options, I suggest that you talk with a mortgage professional like myself and my team. Let’s analyze the pros and cons, because what we don’t want to do is put you in a 15 year mortgage because you’re so excited about the interest savings, but then you call us three years from now when interest rates are obviously going to be higher, and that 15 year payment no longer meets your quality of life. Meaning the kids are older, they need braces. Now they’re in travel sports.
So long story short, while there are a lot of great options and things to consider, don’t be so laser focused on rate that you push yourself in a payment, in a program that’s not going to be comfortable for the longterm. So there’s this week’s fun fact Friday. Hope you all have a great trip and we’ll see you next week.