Deciding Upon What Type Of Loan To Secure
Fixed vs. Adjustable Loan
15 Year vs. 30 Year Home Loan
30 Year Home Loan
Advantages: Your monthly payments are low, since they are spread out over a long period of time. If you have low monthly payments, you also have the opportunity to pay additional money that would be applied directly to the principal. This could allow you the flexibility to have low payments if you are having any cash flow problems, but you could also pay the loan off quicker, which would save you a great deal of money over the term of the home loan.
Disadvantages: If you have the cash flow to consistently pay the extra money each month, you could do a 15 year mortgage, which would give you a lower interest rate over the term of the loan.
15 Year Home Loan
Advantages: You will get a lower mortgage rate with a 15 year loan compared to the 30 year loan. This will save you a great deal of money in interest.
Disadvantages: You will be required to pay higher monthly payments, which gives you less flexibility. If you have cash flow problems due to unforeseen circumstances, it may create problems.
You may also want to consult your Lender or a Mortgage Broker, to get additional advice on what loan term is best for you.
Get additional Home Loan Info.
If you would like information on VA Loans, you may go to the VA Loan Center or the offical VA Loan site.
Remember when purchasing a Manufactured/Mobile home in a Leased Land Community in the Central Florida area, The Thompson Team can assist you with all your financing needs by calling them at (863)325-8217.