{"id":2565,"date":"2017-06-19T11:47:23","date_gmt":"2017-06-19T16:47:23","guid":{"rendered":"https:\/\/riverbankfinance.com\/blog\/?p=2565"},"modified":"2017-06-19T11:47:23","modified_gmt":"2017-06-19T16:47:23","slug":"15-vs-30-year-loan-which-is-right-for-me","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/15-vs-30-year-loan-which-is-right-for-me\/","title":{"rendered":"15 vs. 30-Year Loan: Which is right for me?"},"content":{"rendered":"

What\u2019s the deal with 15 and 30-year mortgage loan rates? If you\u2019ve ever shopped around for a new mortgage, you\u2019ve seen lenders advertising rates for both. There are pros and cons to both, depending on what you want to do with the mortgage. But there\u2019s also the unknown fact that \u201c15 to 30\u201d aren\u2019t the only term options. Which is right for you? Well, it depends.<\/span><\/p>\n

What stage are you in life? Are you just starting a family? Are your kids going off to college and suddenly you\u2019re an empty-nester with too much space? The key to determining which loan will work best for you is finding out how much is in your budget and what fits your life phase. When sitting down with one of our loan consultants, it\u2019s important to let them know what your life goals are so they can help match up a loan term that fits your lifestyle. <\/span><\/p>\n

15-Year Loan<\/strong><\/h1>\n

A 15-year loan has one advantage over a 30-year loan no matter what: less interest paid over time. Because of the nature of the loan, you\u2019ll pay it off faster, so you wind up paying a lot less interest over time. The caveat is that the payments are going to be higher each month. A 15-year loan will tighten your wallet until it\u2019s paid off, but it\u2019ll be paid off in half the time. <\/span><\/p>\n

How much is the difference between the two terms? If you use our mortgage calculator and put in a mortgage worth $150,000, the interest at the end of the term for 15 years is about $61,000 (at 4.875% interest.) That same loan, when the term is changed to 30 years, more than doubles to about $135,000 dollars in interest over the life of the loan. <\/span><\/p>\n

30-Year Loan<\/strong><\/h1>\n

So, why would anyone want a longer term loan? For starters, the payments for 15 years, using the same scenario, is about $1,200 month. That same loan, at 30 years, only requires about $700 dollars a month. <\/span><\/p>\n

A 30-year term is great for the home of your dreams. If you have no desire to leave that home, or downsizing and retirement are decades away, a 30-year loan is probably the best option. Although you pay more money overall, it gives you more flexibility during the time of the loan. <\/span><\/p>\n

One common misconception about these loan terms is that 15 or 30 are the only options. Through Riverbank Finance, you can secure a loan for 15 to 30 years or somewhere in between. That\u2019s right! So, for example, if you\u2019re retiring in 25 years, you could set a 25-year term so your home is paid off right in time for retirement. For Riverbank Finance, it\u2019s all about customizing your mortgage to fit the lifestyle you desire. <\/span><\/p>\n

For more information, or to speak with a loan officer, call Riverbank Finance at (800) 555-2098 to schedule an appointment.<\/span><\/p>\n\n

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