CONTENTSTART
Frequently Asked Questions

What’s the best term for a mortgage?

As you review your mortgage options, one basic question is: Do you want the lowest monthly payment, or is it your goal to own your home as quickly as possible?

Our most popular 30 year and 15 year fixed rate mortgages, for example, both have advantages You’ll pay less each month with a 30 year term. On the other hand, a 15 year mortgage can reduce your interest costs by more than half over the life of the loan.

Why you might prefer a 30 year term

  • You can only afford a lower monthly payment
  • You’re younger and expect to earn income over the entire term 
  • You can maximize your mortgage interest tax deduction

 

Why you might prefer a 15 year term

  • You’ll own your home free and clear sooner
  • You want to pay off your home before retiring or sending children to college 
  • You’ll pay less interest over the life of the mortgage

 

You can try our mortgage and loan calculators to compare terms for fixed and adjustable rate mortgages. Talk to a loan professional at North Shore Bank to discuss the terms that fit you best. We can help make your choices clear.

CONTENTEND

Frequently Asked Questions