The bankruptcy attorneys at Craft Law Offices in Greenville, NC are here to help you through the entire bankruptcy process. When you find yourself buried in debt with no way out in sight, filing for bankruptcy can offer you a fresh start and a chance to build a brighter financial future. This means that home mortgages, car loans, and retirement plans can all be in your future after filing for bankruptcy.
When it comes to getting a loan for a home, mortgages are typically offered in two forms: 15-year and 30-years. So, what are the advantages and disadvantages of these two types of mortgages, and which type is the best option for you?
30-year mortgages are the more common choice of the two among homeowners. The main reason for this is that this longer-term mortgage allows you to have lower monthly mortgage payments. If you find yourself on a tight budget or trying to start over and rebuild your credit, a 30-year loan may by the right choice for you.
15-year mortgages are becoming increasingly popular for one very big reason: over the course of the loan, you will end up spending half as much as you would with a 30-year loan. The shorter term with this type of mortgage means that you will be making larger monthly payments, but it also means that you will save a ton on interest over the course of the loan.
Ultimately, don’t agree to a mortgage with a payment plan that you feel you will struggle to meet each month. This could put you right back in debt after bankruptcy and really hurt your credit score.
For bankruptcy attorneys you can trust, contact us at Craft Law Offices in Greenville, NC.