Mortgages are a subject of infinite conversation. It can be difficult to know what type of mortgage is best for you and your family. New home mortgages are best discussed with a financial advisor or a professional trained in dealing with mortgages at your local bank.
While 15-year mortgages may sound more appealing as ways to get your payments out of the way early in your life, they are not as glamorous as they sound.
These short-term mortgages are more susceptible to raised interest rates compared to 30-year mortgages.
30-year mortgages also provide greater defenses against inflation: with low interest rates that stay low for decades, inflation will catch up with you and it will seem like you are paying LESS each year or every few years.
Many first-time homeowners opt for a starter home that is smaller and less expensive than their dream home but may allow them to get used to making payments or flipping the house to sell for more money to put towards a dream house.
Find a mortgage salesperson at your local bank of trust as soon as you consider what type of home you would like to buy, and where, as well as the financial situation of everyone making payments toward the house.