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Which Navarre Home Loan Should I Choose?

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Navarre Home Loan is a contracted agreement between a borrow (you) and a mortgage lender (us) for a specific amount of money to purchase real estate.

While you and a lender can agree to a variety of terms, the most offered time lengths to pay off a home loan are 15 or 30 years.

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Here are a few things to consider about these fixed mortgages to help you make the right choice!

A 15 YEAR HOME LOAN

To start, with a 15-year home loan you will pay a lot less in interest. If you borrow $300,000 to purchase a home at a 6% interest rate, paying over a longer period will mean more interest on the money borrowed! This type of mortgage can significantly cut down on the interest that you pay.

There are also lower interest rates often available for 15-year home loans that will help you save big!

A 15-year Navarre Home Loan will mean your monthly payment will also be higher. This is because you are paying more towards principal from the beginning. But you will be free of a mortgage in half of the time, which is not a small accomplishment!

A 30 YEAR HOME LOAN

Next, a 30-year home loan means more interest charged because it is a longer term. As the borrower, you are loaned money and it collects interest over the 15 or 30 years it takes you to pay it back.

On the bright side, your monthly payment will be lower because you are spreading your payments out over a long length of time.

If your monthly budget is tight, this may be the better option!

Talk With Experts

Contact our expert mortgage lenders about obtaining a mortgage and your specific goals to decide which option is best for you!

We have a Navarre Home Loan that will fit your needs. Call today! (850) 936-0422