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A 15-year mortgage can benefit borrowers in all of the following ways, except:

A) Paying less interest over the life of the loan.
B) Building equity faster.
C) Lower monthly payments.
D) Shorter time to full homeownership.

User Ambit
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Final answer:

A 15-year mortgage offers the benefits of paying less interest over the loan's life, building equity faster, and a shorter path to full homeownership; however, it does not offer the benefit of lower monthly payments.

Step-by-step explanation:

A 15-year mortgage can benefit borrowers in several ways, but it does not benefit with lower monthly payments. The main benefits of a 15-year mortgage include paying less interest over the life of the loan, building equity faster, and realizing full homeownership in a shorter time. However, because the loan is spread over a shorter period, the monthly payments tend to be higher compared to a 30-year mortgage, not lower.

Homeownership provides the opportunity to build equity over time as you make improvements and consistent mortgage payments. Additionally, owning a home can lead to potential tax deductions on mortgage interest and help in establishing a solid credit score. It's significant to consider these advantages when analyzing the terms of a mortgage.

User Dux
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