A question that comes up quite often, especially from those looking to buy a new property, is whether to go with a 15-year or 30-year term on their mortgage. While some folks prefer one over the other, it’s not always an obvious choice, whether you’re a new or seasoned real estate investor — or whether you’re an owner-occupant or not.
For the lender, both of these options have pretty clear benefits. With the 15-year term, the loan is paid off quicker, and with the 30-year term, they receive more in interest payments over time, at a higher rate.
But as the real estate investor, how do you decide which option is best for you? And what factors play into this decision?
For all of your real estate needs in the Auburn-Opelika area please contact me at (334) 332-7263 or email me at LauraSellers01@Gmail.com or visit my website. I look forward to helping you buy the home of your dreams or sell your existing home. Search for Auburn homes for sale or Search for Opelika homes for sale here.