Choosing Between 15 Year and 30 Year Mortgages

When first borrowing a mortgage to purchase a home, you must decide how long you need to pay it all back. Short term mortgages have their own benefits, but they do put some pressure on you to make larger monthly payments. However, stretching out the loan could come with some downsides. Learn about both options to pick the right one.

15 year mortgages are usually best for people with high incomes or an established run with a lender. If you already have a home paid off, a quick mortgage makes sense and can help you enjoy lower interest rates. However, the higher payments are usually tough on first time buyers.

30 year mortgages work best for families who plan to stay in their home, or people working with little extra income to offset their costs. A lower mortgage payment makes it easier to save for retirement or deal with emergencies.

No matter which type of loan you need, Avis Lending wants you to know that we are happy to help you. Contact us today to find out more about choosing between mortgage terms.

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