Should You Go Mini-Mortgage?
Unless you’re an all cash home buyer, you’re likely looking at a 30-year mortgage on that beautiful L.A. home you crave. But you’re not necessarily stuck with this prospect. That’s because you could be eligible to slash a healthy chunk from the time period. Believe me, if the home loan lords of your local bank decide you qualify, a 15-year term could be gold for you. Here are the key benefits of a ‘mini-mortgage’.
Quicker Ownership – Why wait thirty long years to own your home outright? A 15-year mortgage gives you the pink slip in half the time. And gone much sooner will be those monthly mortgage payments eating away at your fun-money funds. Remember, however, even when your beloved castle is completely yours lock, stock, and barrel, there are still property taxes and homeowner’s insurance to contend with. Nobody escapes.
Less Interest Paid – Herein lies your ticket to saving a small fortune. We’re talking in the six-figure range just by cutting your mortgage period in half.
Accelerated Equity – With a 15-year mortgage in place, your monthly mortgage statements will bring new excitement to your life. That’s because they’ll be revealing a rapid buildup of equity as your outlays for interest shrink. Even if you sell your home before fifteen years have elapsed, you’ll still pocket more greenbacks than you would on the 30-year plan.
If you’d like more info about mortgage options for homebuyers, feel free to contact me. Or just fire your questions or comments into the box below. There’s always a vacancy.
And, of course, if you want to be connected to the latest info and opportunities in the Beverly Hills real estate market, I’m ready to make it happen. Call or email today.
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