The Truth About Mortgage Terms and Real Costs
The Truth About Mortgage Terms and Real Costs
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Affordability is more than chasing the lowest rate or choosing the longest term because the smartest mortgage strategy depends on your long-term plans. Many homeowners in Minnesota move or refinance within seven years, which means paying extra for a shorter term like a 20-year loan may never deliver the savings they expect. Pairing a standard 30-year with small extra payments, exploring a 5- or 7-year ARM, or using creative financing like a seller-paid 2-1 buydown can create far more flexibility and long-term value. Matching your term to your timeline keeps you from falling into the lowest-payment trap that ends up costing more over time.
If you want clarity on the strategy that fits your goals and your future plans, reach out anytime. I can help you choose a mortgage structure that supports where you are today and where you plan to be in the next several years.
The Blueprint to Homeownership: https://a.co/d/fcFYX6i
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