A Great Time for a 15-Year Mortgage

Posted by Jeff Aughey on Friday, August 30th, 2013 at 1:34pm.

Saving money on your mortgageIf you are preparing to buy a home, take a few minutes to seriously consider the advantages of selecting a 15-year fixed rate mortgage, currently at 3.625% over a 30-year mortgage at a full point more: 4.625% Buying an Alpharetta Georgia home with a $300,000 mortgage means that you will be paying approximately $2,163 per month in principal and interest for your 15-year mortgage, as compared to  $1,542 per month for a 30-year loan. So, for a monthly increase of $621, you will save 15 years of indebtedness and $165,911 overall for the cost of interest on your house. For those who regret not taking advantage of a lower interest rate earlier this year, taking on a 15-year mortgage may help you to recover those potential savings. If you are interested in buying a house now, call your buying agent Jeff Aughey at 770-329-4495.

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