The Karlin Law Firm LLP

Providing quality legal services to statewide and national clients in ADA defense, Personal Injury, business and real estate for more than 35 years

Email Us
Practice Areas

Considering 30-year and 15-year mortgages

When people in California buy a home, they generally must take out a mortgage loan from a bank in order to do so. Very few people have the cash available to buy their homes outright, so choosing the right mortgage can be a particularly important part of the real estate transaction. There are a number of different options that may be available. For example, first-time homebuyers may have access to some government programs designed to support homeownership, including VA, FHA or USDA loans. Of course, each of these programs has its own eligibility requirements, so a conventional bank loan may be best for some purchasers.

Many banks present both a traditional, 30-year fixed-rate mortgage and a 15-year, short-term loan option. People may be torn about which mortgage to consider when purchasing their own home. While a 30-year mortgage is the overwhelmingly preferred option, some people want a short-term mortgage to access the lower interest rates available for this type of loan. Considering that houses cost hundreds of thousands of dollars and up, even small differences in the interest rate can mean significant savings. In addition, people can accumulate equity in their homes more quickly with their larger monthly payments and shorter loan terms.

Still, short-term loans can be costly. The high monthly payments may lead people to put off other important financial options like saving for retirement. Others may wish to consider a 30-year loan that allows people to pay off their mortgages early, without penalty. This can help to save without the significantly higher mandatory monthly payment of the shorter-term loan.

Choosing the right mortgage is only one of many decisions that goes into a residential real estate purchase. People might work with a real estate attorney to negotiate the contract terms, prepare for the closing and secure the financing to make the purchase possible.

No Comments

Leave a comment
Comment Information

Contact Us Today

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

L. Scott Karlin

L. Scott Karlin

Attorney Profile
David E. Karlin

David E. Karlin

David E. Karlin is a California attorney with a primary focus on business and real estate, including law and legal issues...

Attorney Profile
Michael J. Karlin

Michael J. Karlin

Michael J. Karlin is a Southern California based attorney whose practice primarily focuses on Entertainment Law. Michael began...

Attorney Profile

Recent Articles

ADA Fraud Reported

A recent article on the news concerns a man in Riverside County who allegedly has attempted to obtain money from property owners and businesses based on alleged violations of the Americans with Disablities Act (ADA). Read More

Tustin Office
13522 Newport Avenue, Suite 201
Tustin, CA 92780

Phone: 714-881-0054
Tustin Law Office Map

Newport Beach Office
2901 West Coast Highway, Suite 200
Newport Beach, CA 92663

Phone: 949-427-9328
Newport Beach Law Office Map

Carlsbad Office
2173 Salk Avenue
Suite 250
Carlsbad, CA 92008

Phone: 760-407-2409
Map & Directions

Riverside Office
6809 Indiana Avenue
Suite 100
Riverside, CA 92506

Phone: 951-643-8769
Map & Directions

Los Angeles Office
1100 S. Hope Street
Suite 103
Los Angeles, CA 90015

Phone: 213-519-5633
Map & Directions

Fresno Office
1444 Fulton Street
Fresno, CA 93721

Phone: 951-373-4384
Map & Directions