Oct
17
If you are looking to buy a fixed mortgage loan, you should decide between a 15-year fixed mortgage and a 30-year fixed mortgage. Depending on the lender and the type of loan there may be many differences between these loans. There may be a larger down payment on a 30-year loan but the main difference between the loans is the cost of a monthly payment. A 15-year house mortgage will have much higher monthly payments because you are paying off the loan in a shorter amount of time. Your income and economic status will inform a lender what kind of loan you can afford.