While there are many different types of mortgages, subcategories and a whole world of navigation when it comes to purchasing a home, there are two major timelines that are at the forefront of the home-buying experience: 15-year and 30-year mortgages. While the standard 30-year, fixed-rate mortgage is the most affordable and comfortable option for over two-thirds of home buyers, the 15-year option is often very appealing to certain groups of people. If you are in the market to purchase a new home, here is a breakdown of some of the common differences between a 15-year and a 30-year mortgage. Choosing the right mortgage length can save you thousands of dollars.
For most people, buying a home without getting a mortgage isn’t a possibility. However, the prospect of trying to obtain a mortgage fills many would-be homebuyers with more than a little angst. The problem is that there are many myths about what it takes to get a mortgage. Because of these misconceptions, it’s difficult for many homebuyers to figure out what they need to do to get a mortgage. The article that follows talks about five of the most common misconceptions about getting a mortgage. Knowing what they are can help you make a better decision about your mortgage come sale time.