Using the information above answer question 7 belowSolutionA

Using the information above, answer question 7 below.

Solution

Advantages of 30 year fixed mortgage over 10 year mortgage

1) The monthly loan will be less in the first case (30 year fixed mortgage) as compared to 10 year mortgage plan

2) The installment amount will be lesser hence it will be easy to pay off the installment without thinking of too much necessities

Advantages of 10 year fixed mortgage over 30 year mortgage

1) The amount will be paid with lesser interest value since more interest value will be acculumated in the remaining 20 years

2) The property/house will become legally yours in early amount of time