30 years of certainty

Thirty years can sound like a lifetime when you're talking with your lender about getting a 30–year fixed–rate mortgage. There are so many uncertainties in life and who knows where you'll be in 30 years. Will you switch careers? Will you move cities? Will you have children?

It may be a long period of time with many unknowns, but a 30–year mortgage provides you with many certainties:

• Lower monthly payments. Because your loan is stretched out over a 30–year term, you have more time to repay your loan, making your monthly payments more affordable and sustainable.
• Inflation protection.  In 30 years, virtually everything around you will cost twice as much as it does today, assuming a 2% inflation rate. Yet, your monthly mortgage payment (minus taxes and insurance) and interest rate will remain the same as the day you locked in your loan — guaranteed. This provides your family with a level of security and predictability that's hard to find in today's world.
• Flexibility. You can choose to pay–off your loan faster by adding to your monthly payments — without penalty in most cases.
• Easier to Qualify. With the more affordable monthly payments that come with the longer term, you may qualify more easily than loans with smaller terms.

With all the benefits that come with a 30–year fixed–rate mortgage, there are important considerations to keep in mind.

• You'll likely have a higher interest rate as the bank is taking a risk by locking you in at today's rates for three decades.
• Because of the longer term and higher rate, it will take you longer to build up equity and you'll pay more in interest over the life of the loan.  
• Your interest rate won't change if rates go down. Your rate is locked in and will remain the same for the duration of your term.

To ensure that you obtain the mortgage that's right for you, it's important that you talk with your lender. Also, be sure to visit My Home by Freddie Mac^® to learn more about homeownership and the homebuying process, from A to Z.

Access Teri’s one-stop Orlando FL home search website.
Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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By: PatZaby.com