If you're a home buyer deciding between getting a 15-year and a 30-year mortgage, there’s a great chance that you’ve already consulted with friends and family, and may even have done tons of research online. You know that there are pros and cons for each type of mortgage, and that the 15-year mortgage is technically the cheaper alternative since you’ll be paying smaller interest rates. It’s true that there are a lot of practical reasons for choosing a 15-year loan, but you shouldn’t feel guilty for wanting to commit to 30 years of relatively small monthly payments instead. There’s a reason why the 30-year mortgage remains the most popular financing option among home buyers.
There are a lot of reasons why a 30-year mortgage can be just as good or even better than its 15-year counterpart. Depending on how efficiently you handle it, you’ll see that there are many ways you can take full advantage of a 30-year loan.
1. You can free up funds for other goals.
Buying a home may be one of the most significant achievements of adulthood, but it isn't the only goal for a lot of people, including you.
One of the main advantages of a 30-year mortgage is its relatively low monthly payment — and even if you know that you'll technically be paying more for your house in the long run, lower monthly fees allow you to free up funds to pursue other goals.
The extra money that isn’t going to paying off your house can be used for other worthwhile investments such as pursuing higher education, setting up a business, or buying your very first car. If you’re someone who believes in working on multiple goals simultaneously, then a 30-year mortgage can aid you in achieving them more comfortably.
2. You can always decide to pay off your mortgage early.
With careful planning and consultation with your lender, you can take advantage of the safety of a 30-year mortgage with one of the main benefits of a 15-year mortgage - which is claiming full ownership of your home quickly.
You can start working on some strategies to you pay off your mortgage early if -- during the 30-year period of your mortgage — you feel that you're growing more capable of settling your debt. Ask your lender for an amortization schedule that can help you come up with a plan to own your home fully within the new timeline of your choosing.
3. You won't be dealing with unwanted surprises.
The great thing about 30-year mortgages is that no matter what happens, you can be sure that your interest rate stays the same for the full 30-year term unless you sell or refinance the home.
Having a fixed mortgage rate will give you a sense of stability and will allow you to be more certain about the money you can use to build up your savings.
4. You can qualify for a bigger or more expensive house.
The lower monthly payments associated with a 30-year mortgage will allow you to buy more house than you could afford with a 15-year loan.
If you firmly believe that the perfect home for you and your family is one that you can only comfortably afford by stretching out payments over an extended period, then you're better off taking a 30-year loan.
5. You have a better chance at building an emergency fund.
Because monthly payments for a 30-year loan are relatively low as compared to payments for 15-year loans, you'll have a better chance at saving up for a rainy day.
If you follow a strict budget and are disciplined enough to set aside a fixed amount to grow your emergency fund, you're likely to feel more secure about your choices.
15-year mortgages require monthly payments that are at least 50% higher than those of 30-year mortgages. On top of this, there are also property taxes and insurance to worry about -- not to mention mortgage insurance premium for those who put less than a 20% down payment. With all of these on your plate, high monthly fees would make it difficult for you to build an emergency fund or even respond to emergencies and other unexpected expenses. This may leave you with no choice other than to sell, refinance, or foreclose.

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Counseling Session Activities
- Prepare the buyer for executing a buyer representation agreement
- Explain agency relationships to the buyer and get state required legal consent to represent, if needed
- Inform the buyer of working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
Building a Relationship
- Learn the buyer’s wants and non-negotiable needs
- Understand the buyer’s budget and what will be needed financially
- Help the buyer understand what property their chosen budget will buy
- Consider having the buyer fill out a homebuyer’s checklist
- Assist the buyer in examining how much they can afford to spend
- Provide quality lender resources
- Partner with the buyer to locate suitable properties for consideration
- Match the buyer’s needs with available property
- Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs
- After ensuring the buyer understands what is done for them, how it is done,and the benefit to them, obtain signatures on the buyer representation agreement
- Explain how compensation is paid, who pays it, and what the buyer’s options are for paying it
Educating the Buyer
- Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
- Explain Federal and State Fair Housing laws
- Explain what to look for in applicable property disclosures
- Reassure the buyer that their personal information will remain confidential
- Inform the buyer that you will always disclose all known material defects
- In accordance with state law, provide information on checking the sex-offender registry and crime statistics for the neighborhood
- Discuss available resources that the buyer can check to learn more about prospective neighborhoods

Preparing the Buyer
- Explain the timeline for house hunting, mortgage approval, and closing
- Explain the local market and how it impacts the buyer
- Show statistics on what percentage of list price sellers in the area are currentlyreceiving
- Inform the buyer on what home features are popular
- Identify current average days on market
- Share the dangers of using the price per square foot to figure home values
- Explain the concept of absorption rate and how it impacts the buying process
- Indicate current listing months of market inventory
- Share estimated potential out-of-pocket costs to complete the transaction
- Assist the buyer in analyzing the loan estimates
- Qualify the buyer for financial ability to purchase
- Help the buyer account for the complete costs of homeownership
- Prepare lender for listing agent calls
- Assist in comparing different financing options
- Help the buyer select for viewing only those homes that fit their needs
- Proceed in showing homes that fit the buyer’s must-haves
- Caution the buyer on posting information to social media
- Review the sample sales contract so the buyer is prepared when it comes time to make an offer
Showing Properties
- Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces
- Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites
- Collaborate with the buyer on properties they may have learned about through their sphere contacts
- Research and assist on all unlisted properties the buyer wishes to see
- Preview properties prior to showing if needed
- Network with other agents to source properties not yet in their local MLS broker marketplaces
- Contact homeowners in focus areas to see if they are considering selling
- Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements
- Arrange a tour of areas, schools, and key points of interest
- Provide resources containing neighborhood information on municipal services,schools, etc.
- Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value
- Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times
- Check applicable zoning and building restrictions
- Help the buyer decipher public property and tax information
- Collect and share pertinent data on values, taxes, utility costs, etc.
- Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for
- Help the buyer narrow the search until the buyer identifies top choices
Negotiating Offers
- Assist the buyer in getting the best property at the best price
- Suggest that the buyer learn more about the neighborhood prior to makingan offer
- Prepare a comparative market analysis (CMA) in advance of making an offer
- Prepare the buyer to have the most attractive offer in the current marketplace
- Explain common contract contingencies and include approved protective clauses in the purchase offer
- Ensure that the buyer receives and understands all state and federally-required disclosure forms
- Prioritize contract negotiation goals with the buyer
- Help create a negotiating strategy
- Use strategies such as an escalation clause to maintain a competitive offer
- Prepare the buyer for a multiple offer situation and develop negotiation strategies
- Write an offer that has a reasonable chance of being accepted
- Recommend optional contingencies and explain the pros and cons of using them
- Provide information on purchasing incentives that may be available
- Discuss financing alternatives
- Negotiate the buyer’s offers to arrive at the best price and terms
- Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer

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