Would you like to buy a new home, or first home, this year? Getting your finances into shape and a couple other key strategies will help you improve your home-buying odds. It’s a competitive market, so do everything you can to come out on top.
Nearly 78% of all home mortgages created last year were for a 30-year term, according to the Urban Institute. But have you ever considered a 20-year term? A shorter term will save tons in interest payments, and you will build equity faster and be mortgage free sooner, even though you will pay a bit more monthly. New proposed legislation could help first-time homebuyers reduce the cost of a 20-year mortgage or provide down payment help.
Here’s what you need to know if you’re considering a 20-year mortgage:
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