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Released: August 21, 2011
Exploring the 15-year loan
Source: Vickie Elmer, The New York Times
When deciding to refinance a home, some people look first at the new monthly mortgage payment and the money they might save, while others focus on the interest rate. Fifteen-year mortgage rates certainly look enticing these days, and the idea of owning a home, debt-free, in less time than it takes to raise a child, sounds grand. So what’s the catch? To start with, your monthly payment will probably be higher — in some cases, hundreds of dollars more. Then there’s the question of whether you will save for other needs if your mortgage payment requires more of your income. So before you choose between a 15- and a 30-year loan, crunch the numbers on each using an online mortgage calculator.Read Full Article: Exploring the 15-year loan
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