Deciding which mortgage loan is the best to pursue requires a great deal of comparison, understanding, and weighing options against your current financial circumstances. The DiMora Team are real estate experts in the Novi and Northville neighborhoods, and we know that when it comes to understanding the differences between a 15-year or 30-year mortgage, you need to get clear on the benefits of each, as well as what can best fit your own unique needs, one is a 15-year duration, while the other is a 30-year duration — there are also differences in how the life of each of these loans actually translates to your own bottom line.
Taking out a 30-year fixed-rate mortgage loan is the most traditional route for home buyers. The biggest appeal is that you can get the added benefit of a lower monthly payment. Because you have a longer timeframe to pay your mortgage loan, your monthly payments are reduced. However, 30-year mortgage loans come with a higher interest rate than their 15-year counterparts. This is due to the fact lenders consider a longer time frame for a mortgage loan to be repaid as a risk.
On the other hand, a 15-year mortgage is shorter in duration, so your monthly payments will be higher. Check out below to see what sold in Dunbarton Pines in September 2024:
44817 Ford Way Drive, Novi: 4 bedrooms, 2.1 bathrooms, 2,805 sq. feet, 2 car garage, Sold Price: $615,000
Dunbarton Pines Home Sold
September 2024
Fifteen-year mortgage loans come with a lower interest rate since lenders deem a shorter repayment time frame as less of a risk. And, because you’re shaving down the period of time you owe on your mortgage loan, you’re paying less interest over time. For more information on Dunbarton Pines, contact The DiMora Team today at 248-505-7728 or jim@dimora.com