Looking to fast-track your journey to homeownership while saving on interest? Consider the 15-year mortgage. Unlike its longer counterpart, the 30-year mortgage, this option offers a quicker path to building equity and paying off your loan.
Here's how it works: With a 15-year mortgage, you'll enjoy a lower interest rate compared to a 30-year term. While the monthly payments may be higher, they help you achieve homeownership milestones faster. One significant advantage is the ability to ditch private mortgage insurance (PMI) sooner, as you reach the 20% equity threshold at an accelerated pace.
By opting for a 15-year mortgage, you not only secure your dream home sooner but also save substantially on interest payments over the life of the loan.
Reference: 2022 Keller Mortgage LLC