If your goal is to acquire real estate to build your wealth, you may want to consider a 30- year mortgage instead of a 15- year note.
While your home will be paid off sooner & you may have a lower interest rate with a 15- year loan, your monthly payment will be higher.
If you have other debts with higher interest rates, such as credit card debt or student loans, it may be better to choose a 30-year loan and use the extra money to pay down those debts or to help you save for your next real estate investment.
Another advantage of a 30-year loan is the tax deduction. Since most of your payments go toward interest in the early years, you may have a larger tax deduction & that mean more savings to buy your next property.
Ultimately, the decision between a 15-year and 30-year loan should be based on YOUR financial situation and goals. For more information on buying real estate please text, call or send an email. 361.500.2187 or LMStaves207@gmail.com.
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