Report below from Venessa Ward, Sr. Mortgage Banker-Pacific Residential Mortgage
Mortgage Rates Have Fallen to an All New Low!
So why should buyers consider a 15-year mortgage over a 30-year mortgage? SAVINGS!
Rates are lower. 15-year mortgages can be half a percent lower in rate or more depending upon investor and program.
Increased Principle Reduction. After the first 5 years of the loan, a 15-year mortgage will have 25% of the debt paid off vs. only around 8% with a 30-year term.
Reduced Total Interest Paid. 30-year mortgages typically have a much higher premium in interest payments. A person with a 15-year mortgage could pay less than half the amount of interest on the same loan amount, even at the same rate.
Considering most first time home buyers move within the first five years of owning their home, a 15-year mortgage allows them to build more equity by the time they are ready to sell or upgrade.
Questions? Call 503-437-9005
We’ve got answers. Talk to a Bella Casa real estate agent to learn specifics about buying or selling, or to get the scoop on a property or neighborhood.
Categories
- 1031 Tax Deferred Exchanges
- About McMinnville
- Amity, Oregon
- Articles for Buyers
- Articles for Sellers
- Bella Casa Anniversary Events
- Blog Categories
- Carlton, Oregon
- Choosing a Brokerage
- Compensation
- Contractors
- Dayton, Oregon
- Dundee Oregon
- Energy Tax Credit
- Entertainment & Events
- Featured Listing
- First Friday Newberg Art Walk
- First Time Homebuyers
- Fundraisers
- Green Building
- Green Tips
- Home Design
- housing market news
- Interest Rates
- Lafayette, Oregon
- Lots & Land
- Market Conditions
- Market Statistics
- McMinnville Events
- McMinnville Real Estate
- Mortgage Lending News
- Mortgage Rates
- Newberg Oregon
- Newberg Real Estate
- Our Areas
- Property Management
- Real Estate 101
- Real Estate News
- Referrals
- Resources for Home Buyers
- Resources for Homeowners
- Resources for Sellers
- Sales Training Series
- Sold & Pending Properties
- Stats by City
- Tax Info
- The Buying Process
- The Market
- Tips for Rookies
- Uncategorized
- Wine Tasting
- YCAR Charity Auction