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Consider a 15 year Mortgage for Your QC Home

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Are you in the process of looking at QC Homes?  You'll want to get pre-approved for a mortgage loan.  One option you should seriously consider is going with a 15 year loan as apposed to a traditional 30 year loan.  Your monthly payment won't be that much more and you'll pay off your house 15 years sooner.  Right now the interest rate on a 30 year fixed  loan is 4.8% compared to a 15 year fixed at 4%.

On a $200,000 30 year loan you'll have a monthly payment of about $1049.33.  The same loan for 15 years would cost $1479.38 per month.   $400 a month is a lot of extra money, but considering you'll pay off your loan 15 years sooner may be worth it.  Also consider that with the 15 year loan you end up paying $266,287 total with interest as apposed to $377,759 with the 30 year loan.  That's more than $100,000 savings!

The figures above will vary based on the interest rate you get as well as the amount of the loan.  If your shopping for Quad Cities Real Estate, we recommend that you shop your loan with 3 different lenders and compare rates, and fees.

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