There are a lot of financing options to help you buy Santa Cruz real estate, if you can meet the credit guidelines.
Most lenders prefer to use 30-year mortgage loans. With a longer loan term, the lender can collect more money in interest over the life of the loan. For those who are credit-worthy, a 15-year mortgage term may be offered. So, what is the difference between the two? Here are a few guidelines:
What About a 30-Year Mortgage?
Thirty-year mortgages are becoming the normal term for Santa Cruz real estate loans. The payments are usually more affordable and lenders are quick to recommend them. Lenders are more likely to offer you a higher loan amount with a 30-year loan, but the trade off is usually a higher interest rate.
What Are The…