A key part of the Boston Seaport condo buying process is deciding which mortgage term is right for you. Opting for a 15-year mortgage term instead of the traditional 30-year term seems like a smart move, right? Not necessarily. Going with a shorter mortgage term does have some benefits. However, there are certain situations where a longer mortgage term makes sense. If you’re on the fence about which type of mortgage you should choose, take a look at a few basic pros and cons below.
Boston Seaport District 15-year mortgage
Pro: You’ll pay a lot less interest over the life of the loan. You’ll be borrowing money for less time, and usually at a lower interest rate.
Con: You’ll have higher monthly payments than with a 30-year loan for the same amount. If the higher payments put a strain on your budget, you might have to settle for a lower-priced home or a look at a longer loan term.
Boston Seaport District 30-year mortgage
Pro: Spread out over a longer time, these loans have a lower monthly payment, which could help you qualify for buying a higher-priced home.
Con: After a few years, you’ll have less equity built up that if you’d been making the higher payments of a 15-year loan. You’ll also end up paying more interest over time.
Conclusion: Boston Seaport condo buyers
When you’re comparing mortgage terms, you need to look beyond the interest and see the bigger financial picture. You’ll be able to build equity in your Boston Seaport condo faster by paying it off in 15 years; but this also means you might pay a price in terms of sacrificing your other financial goals. Going with the longer term loan gives you more freedom when it comes to saving and investing; but in this case, you may get tired of carrying the debt burden. Ultimately, it comes down to what works best for your budget and your peace of mind.
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The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
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The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
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