Pros and Cons of 30yr vs 15yr Mortgages
Some online lenders are tooting their horns and pushing borrowers to commit to 15 year mortgages over the traditional 30 year mortgage term. Likely a bait and switch tactic due to the increased debt to income ratios and though it may be beneficial to a select few who will qualify, Tiffani Planck with Vision Home Mortgage has another take on it. Yes, 15 year mortgages typically offer lower interest rates since the risk on the short term loan is more appealing and lucrative to the lending banks. However, an increased mortgage payment may just mean the difference between keeping your home or being forced to sell your home should an adverse economic event occur to you. Think about it, if you are locked in to a mortgage payment that is approximately one and a half times as high as a 30 year payment, what will happen if you get sick, you’re unable to work, have to care for a loved one that is ill or lose your job? You’re obligated in to a higher payment and may not be able to refinance if your income has been affected by one or more of the listed events. Tiffani does mortgages in Summerlin, Henderson, North Las Vegas as well as the whole state of Nevada. Contact Tiffani today at (702)336-0669!
Mortgage Loan Misconceptions
Consumers often have the misconception that if they have equity in their property and an excellent credit history, the banks would surely lend them the money needed to get through hard times. Not necessarily true for traditional mortgage financing. Though equity and credit history are important factors in a loan approval determination, your ability to make good on your promissory note takes precedence. This means that if the source of your income isn’t enough to cover your mortgage payment and other financial obligations, you may find yourself between a rock and a hard place. Tiffani Planck services Henderson, Summerlin, North Las Vegas, and the whole state of Nevada! Contact Tiffani today at (702) 336-0668!
Use a 30 Year vs. 15 Year Mortgage to Reduce Your Costs
The pros of the 15 year fixed loan are easy to see. Your interest rate is lower. This means that over the course of the loan, you will have saved a substantial amount of money. The main reason though may not be why you think. The reduced term as opposed to the reduced rate is the greatest money saving factor here. If your monthly principle and interest payment is $1,200 for 180 months or $800 for 360 months, how much money would you save? That’s not too difficult to figure out, but what if you could have the best of both worlds? A 30 year mortgage that you paid off in 20, 15 or even 10 years without the obligation to the higher payment! Tiffani is happy to sit down with her clients and thoroughly discuss the different ways and calculate how you may be able to pay off your home loan faster and more efficient and without setting you up for a potential financial hardship.
Tiffani Planck understands that though mortgage financing may seem easy to navigate to her due to her 16+ years of experience in mortgage lending, many borrowers are confused by all of the home financing options, terms, rates and what may best serve them based on their own individual circumstances. It’s no different than her walking into your employment and trying her best to catch up on everything you may have learned from having even 1 year experience in your employment!
Achieving Success Through Integrity
This statement is powerful and a promise at Vision Home Mortgage. You can trust that we will keep you and your current and future goals in mind when finding the right home financing to fit your needs. Even seasoned buyers will appreciate the information that is helpful in removing the myths and obscurity found in today’s lending jungle. I service Henderson, Summerlin, North Las Vegas and the whole state of Nevada. Call Tiffani today at (702) 336-0668 for your no hassle and no obligation consultation today and find out what works for you!