Are 15-Year Mortgages the New Normal?

Posted by Steph Kaye on Thursday, January 3rd, 2013 at 4:33pm.

Often seen as the traditional method, 30-year mortgages are seeing a slight decrease as home-owners are opting for the 15-year loan. The benefits? The obvious would be that home owners and buyers will be paying off their mortgages in half the time, and lower interest rates make affordable payments a bigger reality. In addition, the closing gap in price between the two options is shrinking. Refinancers can actually find themselves with a lower monthly payment, and reducing the payment would mean savings over time. Finally, if you are looking for a home equity loan, you can build that equity up faster making you more likely to get approved for a larger loan.

For more information on 15-year mortgages, check out The Wall Street Journal, or contact Lang Premier Properties to speak with someone who can answer all of your questions.

Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including short sales, foreclosures and working with home buyers and sellers with  Oakland County luxury homes. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.

2 Responses to "Are 15-Year Mortgages the New Normal?"

Is Buying Cheaper Than Renting? wrote: [...][...]

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Posted on Thursday, February 21st, 2013 at 12:32pm.

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