Being able to pay a little higher monthly payment may allow you to take out a 15-year mortgage loan when you purchase your home rather than the standard 30-year loan. The savings in interest is substantial, and to be free of a payment in half the time is also a great advantage. The lower fixed-rate for this loan will be affected by your credit score, the amount of your down payment, your income and other details.
The motivation for taking out a 15-year mortgage vs. the traditional 30-year loan may be that a couple wants to pay off the loan by the time the children go to college, or perhaps an older couple would like to go into retirement without a mortgage.
Call us at Silver Leaf Mortgage to get the details based on your particular situation. We are a Denver-based mortgage broker, but serve all of Colorado.
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