Did you know that home buyers receive a lower interest rate and ultimately pay less for a property with a 15 year term mortgage? As interest rates are increasing, buyers are still looking for ways to take advantage of this low interest rate market. By speaking to a mortgage lender, buyers can discuss different options for purchasing a home. Buyers may be hesitant that they cannot afford the higher monthly payments, but they can have the home paid in full within 15 years. Imagine life without a mortgage? Pretty wonderful! This is also a great investment for the future, even for your children’s future.
Chart from CAR.org.