Deciding Between Which Type of Mortgage is Easier Than You Think

If you’re looking to buy a home near Lake Ozark, don’t let worry and fear of mortgage rates deter you. Choosing your mortgage might be easier than you may have supposed. Real estate buying has improved in recent times in the Florida area but that means a lot more questions on your part, not least what mortgage suits you best.

30 year mortgages have rates at about 4.05%, with 15 year fixed rate mortgages at about 3.25%. These are all time lows in the real estate market.

When trying to make up your mind, here are a few pointers to consider:

15 year rates mean higher monthly payments because the mortgage has to be paid within a shorter time frame but they also have lower rates. In the end it’s all about what you can afford.

Opting for the 15-year route with the higher monthly installments will also mean less money left over to tide you over in other areas of your life.

To sum it up, 30 year fixed payments mean lower risk but more money overall. It’s worthwhile to take these factors into consideration when searching to buy a home near Lake Ozark.

For more information about buying or selling real estate in Lake of the Ozarks, contact John Farrell Real Estate  today. 

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