No one came to save Doe, dumped and forgotten just lay here and wait to die

Choosing Between 30-Year and 15-Year Fixed-Rate Mortgages

The popularity of fixed-rate mortgages has grown immensely after the recent housing market crisis, during which many people lost their homes. They are much more secure than their adjustable rate counterparts and this makes them a top choice for most borrowers. Once you are sure that you want to get a fixed-rate loan, you have to decide on its term. There are two main options - a 30-year term and a 15-year term. Find out how the two options compare to make the right decision.

Interest Rate

The 30-year mortgages typically come with a slightly lower interest rate compared to the 15-year ones. Lenders can afford to offer this perk since they will still get higher profit. This is because the lower interest will be charged for longer. In fact, it will be charged two times longer. As a result, you will have to pay a higher total interest amount. Hence, the slightly lower interest should not be the decisive factor when you are making a decision.

Monthly Payments

The 30-year home loans have lower monthly payments compared to their 15-year counterparts. This is because the interest payment is spread over a longer period of time. The slightly lower interest rate plays a role as well, but it is not significant.

The benefits of a lower monthly payment are obvious. The risk of you defaulting on the loan will be much lower. You will find it easier to repay the loan. You will have more money to spend and to save for important things such as your children's education. At the same time, you will have to allocate a chunk of your monthly budget towards making these payments for much longer. You will also gain equity in your house more slowly and this can have an adverse effect on your borrowing capability and on your ability to refinance.

Loan Amount

You will have the option to borrow more money and buy a bigger house if you choose a 30-year fixed-rate mortgage. Since the monthly payments will be lower due to the longer term, lenders find it less risky to extend more funds. It is great to be able to get more money, but this will push up the cost of the loan considerably. You have to decide whether you are willing and able to bear the higher cost.

Total Cost

The 15-year mortgages are cheaper than the 30-year ones. This is because interest is charged for a shorter period of time and the total interest amount is much lower. With a 15-year loan, you will save quite a lot of money. You will gain more equity more quickly and this will put you in the best position for refinancing and for getting home equity loans and credit lines.

Risk

With a 30-year home loan the risk comes from the fact that you will have to repay it for longer. The risk of income reduction and of losing your income is higher in the long term. Besides, if you default on the loan during the 25th year of the term, you may still lose the property irrespective of the fact that you own a large chunk of equity and that you have already spent a lot of money. With the 15-year loan, the risk has to do with the higher monthly payments. If you are not disciplined, you can easily get into trouble.

Now you can decide which one of these types of mortgages is better for you.

Doe knows she has been forgotten by her family. Even those with commitments to adopt this beautiful long legged yellow lab mix a second time, have not come to the shelter to meet her.

DEADLINE: SUNDAY AT 4:00 p.m.

I’LL JUST LAY HERE AND WAIT TO DIE

Doe is a beautiful long legged yellow lab mix. Such a sweet girl, she has gone to the back of her cage and completely shut down. She KNOWS she is headed for the Eu room. Found as a stray begging for food in a restaurant parking lot there is still time to save Doe! The shelter closes for the weekend at 4:30 and she DIES Monday morning!

Call or text: 410-608-2195

Rural Shelter Near Corpus Christi

Kennel 9

STATUS : - read comment for update from crossposter
3 Ways to Save Money While Buying a Mortgage

Buying a home is the cherished dream of every family. With socio-economic drift inflicting most of the economies in the world, the price of land and homes are sky-rocketing to an all-time high. Hence this dream has become quite tough to realize. However, a lot of people still manage to turn this dream into reality with the help of mortgage. At the same time, everyone who buys home on loan wants to save as much money as possible while doing so. Let us look at some ways to do the same.

Choose the Right Product

This is important and tricky. While it is true that a 30-year mortgage with a fixed-rate results in the largest total payment for any loan over its total life, still it is for a very important reason and this has been the preferred option since decades. It is the most stable and secure way of buying a home on debt.

Before signing up for a hybrid/ fixed / adjustable plan or an adjustable rate, it is important that you run the numbers thoroughly. Is it really possible for you to afford monthly payments when the interest rate resets in five years or worse in less? Do factor in the fact if it's possible that the worry that you might not be making more money eventually than you currently do bothers you?

Negotiate Well

Agreed that the credit market doesn't like to negotiate irrespective of how well it is doing. Still there's always scope of negotiation for better rates. This will be easier if you try and negotiate with multiple lenders, because it will help you browse through the variety of economical options available in the market.

Further you can negotiate for fee waivers like lender's attorney fee or document preparation fee etc. This further includes appraisal fee, processing, title fee, credit report fee and so on. Private mortgage insurance fee, inspection fee etc. are all up for negotiation. Your credit scores play a crucial role, especially, if they're good.

Make Extra Payments

Any extra money that you pay directly contributes towards the principle of the loan. This means that your extra payments help you knock down the actual principle and the bulk of your money does not go towards paying the interest alone. In fact if you make one additional payment for your debt every year, it is possible to reduce your mortgage by almost 10 years.

In short if you're buying a home on credit from any lender who provides various kinds of mortgage services it is always advisable that you ensure that you compare the products well. Mortgage loan process isn't as complicated as it sounds, provided it is researched well before making an investment.

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