When people think of 抵押贷款, they often think of a 30-year term mortgage. Although 30-year 抵押贷款 do tend to be the most common among buyers, there are many options to consider in the home buying process. One of these options is a 20-year mortgage; a 20-year mortgage often has a slightly lower interest rate and is paid off over a shorter amount of time. Continue reading for four reasons a 20-year mortgage may be the right option for you.
1. 节省利息.
There are two main ways you can save on interest with a 20-year mortgage. First, 20-year interest rates are generally lower than 30-year rates by .20-.4月* 40%. 即使你的价格是一样的, a 20-year loan could save you thousands of dollars in interest just by shortening the life of your loan. That’s because your loan will have less time to accrue interest.
2. 还清贷款，更快地积累股本.
One of the other considerable benefits of a 20-year loan is building equity faster. 因为你的月供会稍微高一些, 你的贷款将在较短的时间内还清, 你的房屋净值也会增加得更快. 然后你可以用这笔钱开一家 HELOC 把赚来的钱用在房屋装修和其他方面! You may also get to stop making house payments and have full ownership of your home ten years sooner.
如果你想再融资, a 20-year mortgage can help you stay on track with your payoff goals, 这样你就不会失去你已经取得的任何进步. 有时当你再融资并保留30年的贷款时, you can save money monthly but end up paying more in interest. Refinancing to another 30-year also adds more time to your original payoff date, where choosing a 20-year can help you pay off your loan around the same time as your previous 30-year would end. 这取决于你已经支付了多少贷款, you can even get rid of private mortgage insurance (PMI) payments.
3. 负担得起的费用.
还有20年的抵押贷款, payments are only slightly larger than a 30-year mortgage, 但仍然负担得起. 计算付款 or 使用我们的快速抵押报价 比较20年和30年的抵押贷款. If you are refinancing, payments are sometimes lower or around the same as your previous loan.如果你发现你的预算中有多余的钱, you can make extra payments and pay off your loan even sooner.
4. 一致的支付.
Since Arbor Financial Credit Union offers a fixed-rate 20-year mortgage option, you know exactly how much per month you will pay for the life of your loan, giving you consistent payments and more ease with budgeting. When calculating your budget, don’t forget to factor in property taxes and homeowners insurance.
These are just four reasons why a 20-year mortgage may be perfect for your financial situation, 但还有更多! If you would like to learn more about Arbor Financial’s 20-year mortgage product and how it may help you, 今天就和我们一位才华横溢的抵押贷款专家谈谈!
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* 利率 are determined by your credit score and underwriting factors at time of application. 须经信贷审批. Programs, rates, terms and conditions are subject to change without notice. 可能会有其他限制. 欲知详情，请浏览 点击这里.
