Home Loans In Flagstaff, Arizona

Popularly called “The City of Seven Wonders,” Flagstaff is one of Arizona’s most exciting, adventure-filled cities. Some of its most famous attractions include the Coconino National Forest, Grand Canyon, Oak Creek Canyon, San Francisco Peaks, Sunset Crater, and many more. 

Our team at Capital Home Mortgage can help you get the financing you need. We are committed to educating our clients, so they make informed mortgage decisions.

With that in mind, let’s give you a quick walkthrough of the two most common home loan terms in Flagstaff — 15 years and 30 years so you can easily understand which is suitable for your situation. 

Fundamentals of 15- and 30-Year Mortgages

15-Year Mortgage Loan

As the name implies, a 15-year mortgage loan means the life of the loan is 15 years. In other words, you will have to make monthly payments for 15 years to repay the loan.

• The primary advantage of a 15-year mortgage loan is that you will save money on interest because the loan will be paid off in a shorter time.
• The disadvantage of a 15-year mortgage loan is that your monthly payments will be higher because you are paying off the loan in a shorter time. Plus, the chance of getting approved for this kind of loan may be lower, particularly for first-time borrowers, since the monthly payments are higher and few first-timers have the financial capacity. 

30-Year Mortgage Loan

In the same vein, a 30-year mortgage loan means the life of the loan is 30 years. You will have to make monthly payments for 30 years to repay the loan entirely.

• The advantage of a 30-year mortgage loan is that your monthly payments will be lower because you are paying off the loan over a more extended period. Another advantage of this loan is that it’s easier to get approved for this kind of loan since the monthly payments are lower.
• The main disadvantage of a 30-year mortgage loan is that you will end up paying more interest because the loan will take longer to pay off.

What Makes A Mortgage Right For You?

Now that you understand the basics of 15 vs. 30-year mortgages in Flagstaff, AZ, it’s time to decide which one is right for you. To make this decision, you need to consider your financial situation and what you can afford.

If you can afford the higher monthly mortgage payments of a 15-year mortgage loan, this may be the right choice for you. However, a 30-year mortgage loan may be the better option if you need a lower monthly price.

Flagstaff, AZ Mortgage Lender

Capital Home Mortgage Flagstaff is here to provide all the guidance in obtaining the right home loan for your needs. As a direct mortgage lender, we provide comprehensive services from pre-approval to home buying assistance.

We offer a wide selection of Flagstaff home loans, including Conventional, Jumbo, USDA, FHA, and Native American loans. Our team will work closely with you to ensure a smooth, hassle-free home loan process from start to finish. 

Get Your Dream Home With Capital Home Mortgage Flagstaff

Owning a home is a dream shared by many. At Capital Home Mortgage, we pride ourselves on making this dream a reality for our clients. Give us a call today at (480) 360-6650 to speak with our loan officers about your home loan in Flagstaff.