Fixed-rate mortgages are one of the most common types of mortgages that lenders offer. For both 15 and 30 year terms with fixed rates, housing costs won’t be affected by interest rate changes and inflation compared to other options, making them an excellent choice if you value stability and predictability.

30-Year Term: In the first 23 years of the loan, more interest is paid off than principal, meaning larger tax deductions. As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses.

15-Year Term: The loan is usually made at a lower interest rate. Equity is built faster because early payments pay more principal, and the loan is paid off earlier.

While shopping for mortgage options for you upcoming home purchase, compare payments, principal and interest totals to make a decision.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: Inspection Protection: A Word to the Wise

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