The
housing market is in now in the process of recovery and foreclosures
are lessening. With the financial climate more stable many of
today's borrowers are attracted to 15-year mortgages' shorter terms
and lower interests rates. But, is this option right for your Boston
home?
Can
you afford to pay off the mortgage in 15 years?
If you
can afford the higher payments associated with the shorter term
mortgage why not take one? The rate is lower compared to a 30-year
which means less interest AND paying that interest for half as long.
But, that 15-year mortgage comes with a higher total monthly payment
and this can cramp your ability to set aside money for retirement,
investments, or other necessities. You don't want to max out on
house payments and not be able to have emergency or fun money either.
If this is the case than a 15-year mortgage is not for you.
Are
you looking to refinance?
Depending
on how high your current 30-year rate is on your Boston
home you may be able to refinance into a 15-year mortgage and
keep your payments the same PLUS shorten your mortgage term. It may
mean a significantly lower interest rate, possibly as much as a full
point.
Are
you a first-time homebuyer?
A
30-year rate may be a better choice for you because it comes with
lower monthly payments. If you are first time buyer trying to buy the
most house you can this lower payment will be an attractive option.
There
are several choices out there in regards to mortgage terms, I'd be
happy to help and point you to a qualified professional who can
discuss your personal circumstances and which options would be best
for you.
And
if
you are still searching for that perfect Boston
Home, let a local expert help you out.
Buying
a home is an exciting and complex adventure. It can also be a very
time-consuming and costly one if you're not familiar with all aspects
of the process. So taking the time to learn about the process and
your options is critical to making the best informed choices in order
to achieve your own particular goals.
Please
feel free to contact
me, I look forward to hearing from you soon!
Lucas
Garofalo
Keller
Williams Realty
(617)
861-3631
Lucas@LucasBostonHomes.com
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with me:
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