Sentences with phrase «built over the term of the mortgage»
Equity that is built over the term of the mortgage takes a very long time because the life of the loan is much longer than that of a short term mortgage.
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In this plan, your mortgage payments are somewhat higher than a longer - term loan, but you pay substantially less interest over the life of the loan and build equity more quickly.
The short term mortgage allows borrowers to build greater amounts of equity because their mortgage term is spread over a period of 15 years as opposed to 30 years.
If you've built up a lot of home equity over the years, a mortgage with a shorter term may not result in a big jump in monthly payments.
Longer term loans have lower monthly payments and pay more interest over the life of the loan, taking longer to build equity and pay off the mortgage
Lower term loans have higher monthly payments and pay less interest over the life of the loan, take less time to build equity and pay off the mortgage
Most mortgages come with fees and repayment penalties that can affect how much equity you build — not to mention how much you spend — over the life of your loan, regardless of your mortgage rate and term.
But the California Building Industry Association, which supports the initiative, acknowledged that while the installation costs will be passed on to consumers as part of a home purchase, the cost will be offset by lowered energy costs over the term of a mortgage.