Fred Griffin Florida Real Estate, Licensed Florida Real Estate Broker (Fred Griffin Real Estate)

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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I prefer a 30 year.  I always have the option of making an extra payment and/or adding more to my payment to reduce the principal.  

As for pros and cons ... they are what they are.  Rates may be lower over a shorter period of time or higher rates over a longer period of time. If one can comfortably afford a 15 year ... that would be a good thing. 

Most in my area seem to be 30 years.

Mar 04, 2018 04:32 PM
Rainmaker
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Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Considering that most home owners don't stay in their homes for more than 10 years I say go with the 30 year. If someone really intends on staying and can afford the higher payment than I say go for that 15 year!

Mar 05, 2018 04:06 AM
Rainmaker
1,899,932
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

30 is most popular here Fred Griffin BUT I will say many, if bnot most, North Dakotians pay off their 30 year loans in 15 to 20 years. I am your typical North Dakotian who likes the 30 year loan (in case times get tough) and usually pay it of in far less. I paid off my last 30 year loan in 10.

Mar 04, 2018 04:53 PM
Rainmaker
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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

The 30 year leads the pack by far although I always try to promote a 15 year or less when and where it's a possibility. Interest savings and time are two of the shorter term benefits. The con will always be higher monthly payments but this is entirely negated with interest savings. I always prefer the shorter terms for my purchases or simply cash. 10 to 12 year financing is ideal for me.  

Mar 04, 2018 06:59 PM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Fred Griffin - 30-year fixed is what my buyers want.

If I re-fi, it will be for 10 years only.

Mar 04, 2018 06:53 PM
Rainer
326,422
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

I would have to say a 30 is more prevalent in my area. The pros are the flexibility to pay the minimum of the 30, and add additional principal to the payment when you can afford it, but not be locked into the higher payment that you would have with the 15 year. Obviously, the 15 year has a bit of a lower rate and a quicker maturity, but you can't ease up the throttle if things get tight in your budget.

Mar 04, 2018 06:50 PM
Rainmaker
396,424
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

My first mortgage was a 30 year.  I had 10% down, which at that time (20+ years ago) pretty much made people see me as a loser.  My loan was an adjustable with start rate of 7.5% and a ceiling of 11.5%.  I made additional payments to principal and when I refi'd a few years later, the lender said my payment would increase by just nine bucks a month if I got a 15 year loan. Done! The additional funds toward principal reduction really make a difference.

I most often see buyers getting a 30 year loan.

Mar 04, 2018 06:33 PM
Rainmaker
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I don't know the answer to the first question but I suspect 30-year.  My personal choice was 15-year.  The pros and cons are pretty obvious. 

Mar 04, 2018 06:32 PM
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I like shorter term mortgages based on what I determine my budget can tolerate. Others in my market don't agree and opt for the 30 year lengths. I don't like debt so the shorter the time the better, less interest paid.

Mar 04, 2018 06:16 PM
Rainmaker
808,847
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

30 year is more common in our area. We prefer 15 ourselves, though we have started out with 30yr and re-fied into 15 years in the past. We've also gotten 30yr and just paid extra on it monthly. Often 15 yr have better interest rates, but if a homeowner is responsible getting a 30 year makes the payment less and additional principal can always be added on to the top, but if a hardship comes then the required amount still remains less than if it were a 15 year. -Kasey

Mar 04, 2018 04:46 PM
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Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Most buyers in my area go for the 30 year fixed mortgage. I bet many don't know there are a lot of options. Personally, if I could afford to pay more each month, I'd much rather do a shorter term mortgage. I hate owing money.

Mar 05, 2018 04:06 AM
Rainmaker
710,004
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

30-year fixed seems the be the norm Fred. But it just seems lenders are pushing the 15-year product. In many cases, it seems to be a better product since the shorter amortization is combined to a lower rate, thus making the ownership of the property less expensive. But then, for those who are cash flow tight, it may be an issue.

The alternate approach is a 30-year fixed, and treat the monthly like a minimum, thus contributing more every month which goes directly to capital - ideally making the equivalent of 13 payments or more per year. You could effectively make a 30-year mortgage into a 15-year, but at a higher rate.

Mar 04, 2018 08:31 PM
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Most people still have to go with a 30 year loan.

Mar 04, 2018 07:26 PM
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I suspect the most common is 30 years - it typically depends upon the buyer and the price range. Under $500K is usually 30 and over $500K is 15 years.

We got a heck of a deal on a 15-year about 3 years ago and it fit nicely into our retirement plan so, we jumped on it! The rate at the time was significantly less than the 30-year. Calculating the typical extra-payment plan on a 30-year (to reduce the principal) vs. the 15-year with the lower rate, is was a no-brainer.

Mar 04, 2018 07:26 PM
Rainmaker
1,387,333
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

30 year loans are (and always have been) the most popular.  I actually thought of converting all of mine to 15 year loans since the payment difference was negligable.  I do what I can to pay my 30 off in 10, so either way I think I'm ahead of the game.

Mar 04, 2018 06:16 PM
Rainmaker
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Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Most clients who finance take a 30 year loan rather than a 15 in our market.

Mar 04, 2018 05:31 PM
Rainmaker
5,571,923
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

most take a 30 year mortgage.....  if I needed a mortgage, I'd take a 15.... I'm an old broad.... 

Mar 04, 2018 04:47 PM
Rainmaker
4,100,105
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I observe/ experience 30 year mortgage requests for purchases and 15 for re-finances.  Good question for borrowers and their financial adviser/ mortgage consultant. 

Mar 05, 2018 09:37 AM
Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I see far more 30's than 15's and I'll lety the expert Jason E. Gordon explain the rest.

Mar 05, 2018 06:29 AM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Most buyers want a 30 year not, i do like to have my loan officer show what each wil cost and save. I would choose a 15 year if i did it again. 

Mar 05, 2018 05:57 AM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

30 year fixed is most popular and flexible, but a 15 for those who can afford it offers a lower rate.

Mar 05, 2018 05:53 AM
Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

30 year is most popular. 

Mar 05, 2018 05:35 AM
Rainmaker
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Scott Pope
Nautical Properties - Panama City Beach, FL
You Can't Live Without Water™

My last mortgage I chose 20 year terms and I pay a minimumof $100 to principal payment each month. However, 30 year is the most popular choice in the market.

Mar 05, 2018 05:12 AM
Rainmaker
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Mostly, I see 30 year mortgage still. Every so often a client of mine does a 15 year (had one earlier this year). Last week I had a closing where my client did a 20 year.

Mar 05, 2018 04:20 AM
Rainmaker
910,981
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

The last time I refied, I did a 15 year loan. If i was buying, I would most likely opt for 30 to keep the payments lower.

Mar 04, 2018 08:57 PM
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have seen mostly 30 year

Mar 04, 2018 07:05 PM
Rainmaker
6,607,713
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

The 15 year programs are popular with those who can afford the payments. 

Mar 04, 2018 06:05 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

I am getting a little old for a 30 year, and it is seldom a good investment.

Mar 04, 2018 05:16 PM
Rainmaker
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Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

Most go with 30 year but it depends on their finances 

Mar 05, 2018 01:18 PM
Rainer
180,215
Harjeet Bhatti
FITH THIRD BANK - Chicago, IL
Home Mortgage Consultant 25 States

30 years for purchase and 15 year fix for refinance depend on you loan scenario.  30 year fix is good, has lower payment but less money goes towards your principal. 15 years has higher payment but more money goes towards  Principal. Even-though both product's negative aspect  can be offset if your LO can prepare you for future payment. 

Mar 05, 2018 11:54 AM
Rainmaker
1,459,627
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Fred Griffin I believe 30 year mortgages are more popular. Pros: Lower payment Cons: Tremendous amount of interest paid

If I had to choose, I would prefer a 15 year mortgage

Mar 05, 2018 07:00 AM
Rainmaker
4,799,501
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

30 year is more popular.

Mar 05, 2018 05:46 AM
Rainmaker
3,069,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Richard Bazinet /MBA, CRS, ABR nailed this one!

Mar 05, 2018 05:39 AM
Rainmaker
4,044,560
Richard Weeks
Dallas, TX
REALTOR®, Broker

15, and that is the way I would go.

Mar 05, 2018 05:12 AM
Rainmaker
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

At my age I only do 15 year mortgages.

Mar 05, 2018 05:00 AM
Rainmaker
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Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

I think a 30 year mortgage is most popular, especially with first time home buyers.  The terms is usually for 5 years as that is the best rate.

Mar 05, 2018 04:46 AM
Rainmaker
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Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Generally, 30-yr mortgages are preferred as they spread out the payments rusulting in lower monthly costs. 15-yr rates are lower, so you wind up paying less interest over time and gain equity faster as the monthly loan reductions are higher. Right now interest rates are still low enough to make 30-year loans a top choice.

Mar 05, 2018 04:37 AM
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Purchasers are still going 30 yr 

Mar 05, 2018 02:46 AM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

30 year,

Mar 04, 2018 06:03 PM
Rainmaker
4,939,658
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Most buyers take the 30 year option and put additional dollars towards principal when they are able.

Mar 07, 2018 07:12 AM
Rainer
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Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

As I go into my 49 th year as a Mortgage Banker, I will tell you that you must really look at the individual circumstances. I always tell young people to look at a 30 year. You can always make principal reductions every month, but if something happens, at least you required payment is lower then on a 15 year. Some seniors want to payoff their mortgages fast, so if they qualify, and would tell them to do a 15 year. Not done as much today, but the ARM mortgage was great for borrowers that know within the first adjustment they were going to payoff the mortgage. They were retiring,and were going to cash out some assets, or they were going to sell the home.  So my preference will always be a zero point 30 year mortgage, but circumstances make all the difference.

Mar 07, 2018 06:58 AM
Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have 4 years left on my mortgage.  Typical here is 30, but we see a few at 15 and we have one product for lease lots that is 25.

Mar 05, 2018 06:00 PM
Rainmaker
468,605
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

In my opinion, we'd all be a lot better off going with 15 year fixed rate home loans.  The difference in interest paid is staggering. 

And, depending on the loan amount, the fifteen year payment may not be that much more than the 30 year payment. 

A 20 year is a good alternative but sometimes the rate isn't that attractive. 

It is much easier to get borrowers approved with the lower payment so I normally let my clients know how much extra they should pay each month to pay off in 25, 20, and 15 years.

One thing that can really help start things off great is to pay two payments instead of one on the very first time they make a payment. There usually isn't a payment due the first of the month following closing. So, if they take the amount they would normally have for a housing payment and apply it as an extra principal payment on their first due date, they can conceivably cut a year off the term. 

Mar 05, 2018 04:14 PM
Rainmaker
889,027
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

The 30 year is most preferred by 1st timers.

For those buying their 8th, 9th or 22nd home, the decision is actually made by how much their money is earning where it's at.

My preference today? I would use a reverse mortgage for the purchase, pay about 65% of list price for the house, and never make a house payment for as long as I live there. 

Mar 05, 2018 08:35 AM
Rainer
69,594
Shawn and Angela Miller
Berkshire Hathaway HomeServices Amabassador Real Estate - Lincoln, NE
Lincoln and Omaha, NE REALTORS®

30 year here seems to be the norm as it keeps the payment down for most.  But I guess it depends on the cost of the house.  The monthly payment on 15 year note for a $500K home is quite different from a $150K home.

Mar 05, 2018 07:39 AM
Rainmaker
1,153,825
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Most people die and still carry a 30 year mortgage to the max limit.

Mar 04, 2018 09:14 PM