If both 15 yr and 30 loans ar the same rate, is there an advantage to getting one over the other?

Yes the rates should be different. Give John Crivea a call at 864-907-1089 He is a certified mortgage advisor licensed in California and can answer any questions you have. Have a great day!

If both terms are the same rate you would benefit most from the 30 year option, which would have a lower payment. You can always pay extra if you would like monthly.

On average 15 year term mortgage loans have about a .375% - .50% lower interest rate than 30 year terms. Despite the lower rate though, because the loan would be set over a shorter term on a 15 year, the payments would be about 40%+ higher than a 30 year would. Whether or not it makes more sense for you to take one over the other depends largely on your personal goals, monthly budget, tax planning & other financial strategies. Speaking with a qualified & licensed mortgage originator will be your best bet. However you may wish to run this by your financial advisor as well, to ensure you are covering all of your bases. Although I am only licensed in MN & WI, if you have further questions or want general information, feel free to contact me at 651-497-6770 or email me at dyoungs@progressivels.com. Thanks for the question!

If your lender is telling you the rates on a 15-year and a 30-year are the same. Run as fast as you can AWAY from him/her and find yourself a Better Broker. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon and Washington ~ www.ApplyYes.com 480-889-9000