Mortgages may pave the way to dreams of homeownership, but not all loans are the same, which is why choosing the right one is important for your future financial stability. That's where the team at Premium Mortgage Corporation becomes invaluable. For years, their savvy loan consultants have been helping aspiring homeowners assess the risks and benefits of mortgage financing and refinancing.
What are the key differences between 15-year and 30-year mortgages? A 15-year mortgage means higher monthly payments, but its main advantage is that homeowners can enjoy lower interest rates. Statistically, in fact, borrowers pay 2.2 times more interest on 30-year mortgages. So if you can afford to make a higher monthly payment (especially if you're living on a fixed income), a 15-year mortgage could be the better option for you.
On the other hand, 30-year mortgages are great for people who want and need more time to pay off their loans. So if you feel the higher monthly payments are too much of a financial burden, opt for a 30-year loan. The right choice depends on your priorities and what you're looking to save up for (such as retirement, your children's college funds, etc.).
However, these decisions aren't always black-and-white; there are many great options for mortgages that a good loan consultant can explain to you in detail. And when you go through a mortgage professional who knows the business inside and out, you stand a fantastic chance of finding a mortgage option that works for your budget.
To find out more, visit Premium Mortgage online, or call your local branch for a full list of services—and get on the road to homeownership!
Hamburg & Amherst, NY Offices: (716) 633-0501
Rochester, NY Corporate Headquarters: (545) 241-0000
Geneseo, NY Office: (585) 447-9197
Liverpool, NY Office: (315) 457-0926
Barre, VT Office: (802) 476-7000
Corporate contact information:
2541 Monroe Avenue, Rochester, NY 14618
1 (877) 690-7240
NMLS# 3254 | Equal Housing Lender
Licensed Mortgage Banker NYSDFS