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Pros And Cons Of The 30-Year Fixed-Rate Mortgage

by Judi Monday, Your Green Valley AZ Expert

Pros and Cons of the 30-Year Fixed-Rate Mortgage

Young husband and wife on porch

 

The 30-year fixed-rate mortgage is as American as white picket fences. Like apple pie, the 30-year fixed has been fueling the American Dream for decades.

With all the different types of mortgages and potentially confusing lingo, first-time home buyers may have trouble figuring out which home loan will work best for them, or what the heck a 30-year mortgage even is.

Is a 30-year fixed-rate mortgage a good fit for you? Here’s the lowdown.

What Is a 30-Year Fixed-Rate Mortgage?

Let’s break this down: “30-year” refers to the term of the loan, meaning you’ll make monthly payments for 30 years. After that, you’ll own your house. Sounds like a long time, right? These mortgages are good for people who plan on staying in their home long-term.

“Fixed rate” refers to the interest rate. With some mortgages, your interest rate will change after a predetermined number of years. With a fixed-rate mortgage, you don’t ever have to worry about the interest rate changing.

Is It Better Than Other Types of Mortgages?

It depends on your situation. The 15-year fixed-rate mortgage, another popular choice, is a shorter-term mortgage that’s good if you want to pay off your mortgage faster. The 15-year has a higher monthly payment, but you’ll pay less in interest than with a 30-year term – not only does a 30-year have a higher interest rate than a 15-year, but you’ll also accrue more interest because the loan takes longer to pay off.

You also might consider an adjustable rate mortgage (ARM). ARMs are 30-year loans that can offer lower fixed interest rates for the first few years of the loan. Then, after a specified amount of time, your rate will change annually based on the market.

ARMs can be good for people who don’t think they’ll stay in their home long-term, but they might feel like a bit of a gamble, as it’s hard to know whether your rate will go up or down after the fixed period has passed.

How Do I Know What’s Right for Me?

All the different choices you’ll have to make when you’re in the market for a home loan can make your head spin. Luckily, doing a little bit of research can help narrow down your choices.

Do you only plan on staying in your home for a few years? Do you have a big financial event coming up, like a kid going to college? If so, you might want to look at an ARM or a 15-year fixed.

Is paying off your house quickly important to you, even if it means you have to shoulder a higher monthly payment? Again, a 15-year fixed could be a good fit for you.

None of these options sound quite right for you? A 30-year fixed-rate might be just right for your particular financial situation. Just consider the pros and cons:

Pros

  • Lower monthly payment
  • Greater flexibility – you don’t have to worry about a high monthly payment, but you can always pay more than your minimum to pay it off faster
  • Predictable – no need to worry about rising interest rates

Cons

  • Pay more in interest
  • Not ideal if you plan on moving in five or 10 years
  • Takes longer to build equity

30-year fixed-rate mortgages offer a solid, conservative option for cautious or long-term borrowers who want to be certain they can make every payment. Ultimately, it’s going to be up to what works best for your financial situation and future plans. Knowing the basics can help take some of the headaches out of the home buying process.

When Neighbors Don't Seem To Care

by Judi Monday, Your Green Valley AZ Expert

When Neighbors Don't Seem to Care

A home that isn't being maintained like others in the neighborhood can negatively affect your visual sense of appeal and in some extreme cases, even affect property values. It might be an overgrown yard, a fence in need of repair, excessive noise, unruly pets, paint peeling on the home or even a car or boat parked in front of the home that hasn't moved in weeks.

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Most people want to be good neighbors and may be willing to correct an issue once it is brought to their attention. A practical but possibly, confrontational solution is to contact the responsible person and describe your perception of the issue. However, they may not always agree with the same urgency and it might be necessary to seek other remedies.

An owner-occupant may be more sympathetic to the neighbors and willing to correct the issue. If you think the home might a rental property, check with the county tax records to identify the owner. They may be unaware of the situation and welcome the notification to protect their investment.

Another alternative might be to notify the homeowner's association, if there is one. One of the benefits of a HOA is to enforce community appearance standards as set in the covenants or bylaws that specify how properties must be maintained. This could be a less personal method of reaching a beneficial outcome.

If the source of the problem is a code or housing violation, the city may be the ultimate authority. Most cities have a separate code and neighborhood services division and some cities have 311 for non-emergency assistance.

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by Judi Monday, Your Green Valley AZ Expert

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by Judi Monday, Your Green Valley AZ Expert

5 Things You Didn't Know Your Bedroom Needed

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What To Know About Engineered Wood Floors

by Judi Monday, Your Green Valley AZ Expert

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by Judi Monday, Your Green Valley AZ Expert

Flag Protocol

by Judi Monday, Your Green Valley AZ Expert

Flag Protocol

The American flag is obviously a symbol of our country but it has come to remind us of every man and woman who has fought for the freedom that we enjoy. The emotions that are stirred by images of our flag can run from happiness to sadness to trust and everything in between.

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Most of us learned American flag etiquette or the Flag Code when we were young but occasionally, it is a good idea to review the guidelines so that the flag is treated with the respect it deserves.

  • The U.S. flag should not be flown at night unless a light is shown on it.
  • The U.S. flag should not be flown upside down except as a distress signal.
  • The flag should never touch the ground.
  • A U.S. flag should be displayed at the peak of the staff unless the flag is at half-staff in mourning.
  • When displaying multiple flags of a state, community or society on the same flagpole, the U.S. flag must always be on top.
  • When flown with flags of states, communities, or societies on separate flag poles which are of the same height and in a straight line, the flag of the United States is always placed in the position of honor - to its own right. No flag should be higher or larger than the U.S. flag. The U.S. flag is always the first flag raised and the last to be lowered.
  • When the U.S. flag is flown with those of other countries, each flag should be the same size and must be on separate poles of the same height. Ideally, the flags should be raised and lowered simultaneously.

More information on flag etiquette can be found at the Veterans of Foreign Wars website.

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Displaying blog entries 11-20 of 625

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Judi Monday
RE/MAX Valley Properties In Green Valley, AZ
210 West Continental Road
Green Valley AZ 85622
Direct: (520) 241-7780
Fax: (520) 648-2221