15-year vs 30-year mortgage, which is better?
A 15 year mortgage typically has a lower interest rate and builds equity faster, but monthly payments are higher because you are paying off the loan in half the time. A 30 year mortgage spreads payments over a longer period, which lowers the monthly amount but increases total interest paid over the life of the loan. Which option is better depends on your budget, how long you plan to stay in the home, and your other financial goals. Some buyers prioritize lower monthly payments for flexibility, while others prefer accelerated equity and interest savings. The specifics depend on your situation and a licensed lender should confirm what works best for your finances, and Jon can connect you with one.
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The site assistant can pull today's mortgage rates right now from the site's own data feeds and tell you the source and date. It is automated, and Jon reads every conversation that leaves contact details.
Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.
More on mortgages and rates
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- When should I lock my mortgage rate and how long does a lock last?
- What are current mortgage rates in Arizona?
- Should I buy mortgage points to lower my rate?
Meet Jon Hegreness
Jon Hegreness
REALTOR / Associate Broker · Howe Realty
AZ License BR540940000
Full-time Phoenix North Valley REALTOR and Associate Broker with 24 years in Arizona residential real estate. A negotiator and problem solver who works the way you would want a friend in the business to work: direct, on your side, and steady through the parts that get complicated.