Choosing a Fixed Rate Mortgage Loan For A Las Vegas Home

Choosing a Fixed Rate Mortgage Loan For A Las Vegas Home

Fixed Loan Mortgage RateFixed rate mortgage loans generally come with one of two options; the 30-Year Fixed and the 15-Year Fixed loans. If a borrower is planning on being in the same Las Vegas home for a long period of time, a 30-Year Fixed may be more attractive because it offers stability. The monthly payment will remain the same over the life of the loan. If interest rates are at historic lows at the time the borrower is seeking to obtain financing, this is a good loan program to consider.

A 15-Year Fixed rate mortgage loan program offers the same stability, but the accelerated amortization schedule makes the monthly payment substantially higher. While the interest rate may be lower on this type of mortgage loan, the borrower must be willing to commit to a higher monthly payment. If the borrower wishes to retire in 15 years and be debt-free at that time, this loan program may be more suitable to the borrower’s long-term Las Vegas real estate loan needs.

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