#83: Should You Get a 15-Year or 30-Year Loan
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 14 November 2019
⏱️ 11 minutes
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Transcript
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| 0:00.0 | What's better, a 15-year or a 30-year mortgage whenever you're buying investment property or even buying your home? |
| 0:08.1 | That's the question we're going to tackle in today's episode of Ask Coach, and we're getting started right now. |
| 0:19.9 | Welcome to the Ask Coach edition of the Real Estate and Financial Independence podcast. |
| 0:25.3 | I'm Chad Carson, your host. |
| 0:26.9 | You can also call me Coach Carson. |
| 0:28.8 | This is a show all about investing in real estate, achieving financial independence, and doing more of what matters. |
| 0:36.0 | Today's question is about financing and specifically how long |
| 0:40.5 | of a loan should you get. If you've ever shopped for loans, and these are typically your conventional |
| 0:45.8 | loans, the ones you would get through a mortgage broker or your bank for either your home |
| 0:49.9 | or for an investment property, two of the big choices are whether you should fix your interest rate and |
| 0:54.7 | your payments for 30 full years or if you should do it for 15 years. Now I'm going to hold off |
| 1:02.5 | my opinion for just a minute and I'm going to try to give you the pluses and minuses of each |
| 1:07.1 | approach because there's never an all-in on one is perfect and one is bad, right? |
| 1:12.3 | There's pluses and minuses. |
| 1:13.5 | So I'm going to start with a 15 year loan. |
| 1:15.7 | The first thing to know about a 15 year loan is in order to pay that loan off faster, |
| 1:20.8 | the monthly payment you have is automatically going to be higher. |
| 1:25.5 | So that's called your amortization or how long, the fact that you pay |
| 1:29.1 | part of each payment and interest and part of its principal in order to pay it all faster, |
| 1:33.3 | they basically just increased the payment on your loan. Now the positives of that, when you get a 15 year |
| 1:39.7 | loan, typically you can get a lower interest rate compared with a 30 year loan. |
| 1:45.7 | So that's just simple math and banking finance that the longer they have to loan you the money |
... |
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