Mortgage Loans and Lending Terms
Posted by Advantage Real Estate on
Guide to Mortgage Loans and Lending Terms
Understanding Mortgage Terms
The length of your mortgage significantly impacts both your monthly payments and total interest paid. While 15, 20, and 30-year terms are most common, the relationship between term length and cost is inverse. Longer terms reduce your monthly financial burden but increase the total interest paid throughout the life of the loan. Shorter terms mean higher monthly payments but substantial interest savings over time.
Fixed vs. Adjustable Interest Rates
Fixed-Rate Mortgages
Fixed-rate mortgages maintain the same interest rate throughout the entire loan period, providing predictability and stability in your monthly budget. These are particularly advantageous when interest rates…
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