When it comes to mortgage options for buying your Arizona home, there are many out there to choose from and it is worth it to take the time and select the mortgage that works best for your needs. One of the options available is the 30 year fixed mortgage. This classic option is regarded as the iconic all-American standard mortgage which has been the most popular for the last 70 years or so.
Advantages Of A 30 Year Mortgage
There are quite a number of reasons why the 30 year mortgage is so popular and has been for many years. First of all, it offers an affordable payment that will not fluctuate over the life of the loan, which makes budgeting for your home expenses a lot easier.
There is no need to worry about your interest rate increasing over the life of the loan, like it may when you have an adjustable rate mortgageIf you know that you want to live in that property for the next 30 years and don’t plan to move, it’s likely a good way to invest your money and build equity.
Also, it will allow you to buy a home with as little as 5% down, which means that saving up for a down payment is less daunting. Also, a 30 year mortgage will allow you to qualify for much larger loan amounts.
What to Keep In Mind
Of course, the 30 year mortgage is not without some disadvantages. You may end up paying a higher rate for a longer time than you need to and over the lifetime of the loan you will pay more interest. Check out a mortgage calculator for the home that you are considering so that you can determine whether the higher interest rate is worth it. Sometimes you might find that a 15 year mortgage will have higher monthly payments but will cost less in interest over the long run, so if you can afford to make the payments it might be the better deal.
To find out more about mortgages and choose the best one for your Arizonian home, feel free to contact Cindy Schweikert either by email cindy@hartwest.com or call (480) 596-5151.
Licensed in Arizona, Colorado, Utah, Oregon, New Mexico, and Washington, we have had new and previous home buyers covered since 1997.
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