Q & A: 15, 30, & 40 Year Loans
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There are pros and cons to both 15 year and 30 year loans. A 15 year loan saves the buyer money over the term of the loan as less money is paid towards interests. But, the monthly payments are higher. A 30 year loan has lower monthly payments, but the borrower will pay more interest over the life of the loan. Therefore the choice between the two loans will depend on the financial position of the home buyer and their long term goals.
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