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When you buy a property in the USA, you can often have a say on the duration of your mortgage. The two most popular mortgage duration terms in America are for 15 and 30 years.
Thirty-year mortgages are considered the gold standard and are the prime choice for most first-time homeowners. But recently, 15-year mortgage terms have started to gain popularity among homeowners – especially amongst high earners.
Both 15 and 30-year mortgages have their own set of benefits and downsides. For that reason, it is important to know which mortgage is right for you as making the wrong decision will leave you with pretty severe long-term consequences. At the end of the day, it’s best to talk to a mortgage broker like Breezeful to help you make the right decision.
A mortgage is a loan borrowed from a lender (usually a bank) that allows the buyer to purchase a property. In a mortgage, there are two main components: principal and interest. Principal refers to the total amount of the loan, while the interest refers to the additional amount the lender will charge for the privilege of borrowing the money.
On top of those two components, other factors to consider are the term of your mortgage and the annual percentage rate (APR). A mortgage term is how long you’ll be paying off the mortgage while the APR assesses the total cost of the loan – taking interest rate and other fees into account.
When it comes to repaying your mortgage, your monthly instalments will be heavily influenced by the mortgage term, amount of money you borrowed, interest rate, and more.
In a 15-year mortgage, the main disadvantage is that you will pay much higher monthly instalments. This is because you will need to repay the loan quicker (within 15 years).
The main benefit of a 15-year loan is that you will pay a lot less money in interest, the additional money the bank charges every month for lending you the money.
On the flip side, on a 30-year mortgage you can expect lower monthly payments, but the interest will be a lot higher.
Fifteen-year mortgages are best for individuals who have a larger down payment and are either borrowing a smaller loan or have a very high-paying job (provided you want to take a 15-year mortgage on a larger sum of money).
On a 15-year mortgage, you will be paying a lot less interest on your loan.
The monthly payments on a 30-year mortgage will be much lower, and you might be able to get more end-of-year tax benefits, which will ultimately save you money on your tax bill. Luckily, regardless of the state that you live in, you can take advantage of those benefits. On the downside, because long-term loans are riskier than short-term loans and cost banks more, 30-year mortgages usually have higher interest rates.
If you decide to go for a 30-year mortgage, that doesn’t automatically mean that you will have to repay the loan and the interest back in 30 years. If you start making more money during your mortgage term, you can start throwing your extra income at your loan.
By paying off the loan sooner, you can reduce your mortgage term and subsequently the interest on the loan.
Getting a mortgage is a great way of buying a home without having all of the capital upfront. On top of that, getting a mortgage will also mean that you can save a lot of money on your end-of-year tax returns. While borrowing money from a lender means you will have to pay interest on your loan, you have a lot of flexibility in regards to the type and the duration of the mortgage that you want to get depending on your current circumstances.
Moving to a new country is exciting and can be a completely life-changing experience. With so much to plan and organise before the big move, it’s natural that certain things might slip your mind. Because of this, it’s important to have a clear idea of everything you need to do and more importantly – everything you need to budget for. Planning your finances as meticulously as possible will help you to manage the blow this event will have on your bank account. We’ve rounded up some of the most important costs to keep in mind while you’re saving up for your immigration.
The Travel
With all the moving considerations, documents and other stresses to be managed, many people have the tendency to slip up on… the actual travel itself. You’ll want to think about things like your flight tickets, renting cars when you arrive at your destination, a hotel in case you don’t have a home to move into just yet, and the important factor of travel insurance. If you have older family members moving with you, you’ll want to check out the best travel insurance for seniors.
The Moving
You’ll also want to consider the moving of all your things – hiring an international moving company is a big financial commitment and you’ll want to make sure that you get quotes from various companies to find the best possible deal. Try to do this early on so that you’re financially prepared and have some time to save up since this is a large expense. These costs can vary depending on how much stuff you have and how far you’re going, so keep this in mind when you’re packing and deciding on what will stay and what will go. If you’re moving all your belongings across the world, shipping insurance is another cost you’ll want to keep in mind and factor in for a safe trip for all your stuff.
Packing and Unpacking
This is an additional feature for many moving companies and might not be factored into your main quotation for the move. You’ll need to consider whether or not you’ll want to hire assistance for the packing and unpacking portion of your move, or whether you’ll decide to be brave and do it on your own. In this case, you’ll want to consider the members of your household and how much time you’ll have to handle the packing and unpacking processes amidst everything else going on. Having packing assistance also contributes to the legal system when you’re moving – if you don’t have a moving company to affirm that you’re not shipping anything illegal, you might be expected to leave all your boxes open to be inspected.
Documentation
Keep in mind that you’ll have to apply for some documentation – a visa for starters – and even reapply for some things you might already have. Renewing your passport is one example. Visa fees can come to quite a hefty sum, depending on where you’re going, so try to find out what this will cost ahead of time. You might also be interested in hiring an immigration lawyer to assist you with all your docs, in which case you’ll need to consider legal fees as well. It’s an additional item on the budget, but it can make the stress and management of the process a whole lot easier to handle, especially if you’re facing uncertainties.
Storage Costs
Coordinating your moving dates can be a nightmare. The dates when your stuff gets shipped off, when you leave for and arrive in your new country, when your stuff arrives and when your home is ready to be moved into, seldom coincide precisely. This means that you will very likely need to factor in some storage costs for your things for a period of time. Planning your dates well in advance can help to minimise the amount of time your belongings will spend in storage, and thus keep your costs to a minimum, so try to plan everything as thoroughly as you can and as early as possible. Keep in mind that in a big move like this, not everything will go according to plan, so you’ll need to be slightly flexible.
Your New Home
Even simply moving down the street can often involve a whole lot of expenses – and even some unexpected ones. When moving abroad, you’ll need to consider the typical moving costs as well for your new space. This can include hiring cleaning services for before you move in, any potential repairs or alterations that need to be made, fixing up garden spaces and even buying new furniture or décor to fill up extra space (or simply different space) that you hadn’t accounted for. Your move might entail a downscale or an upscale in which you might need to swap our furniture pieces for something more appropriate or purchase extra storage space to account for less built-in cabinetry.
Salary negotiations are a common part of the job search process. Knowing how to handle the conversation is essential, especially if you want to ensure that you get a fair pay rate. If your goal is to get top-dollar for your skills, here’s what you need to do to get more money when interviewing for a job.
Before you head to the interview, you need to have a solid grasp of your worth and the going rate for that position. If you can find salary details for that exact role at that specific company, then that can serve as an ideal starting point. However, you should also explore jobs at competitors that require the same skill set and experience level. That way, you can determine if the pay rate aligns with industry norms in your region.
During the research phase, it’s also smart to assess the kind of benefits you’d likely receive if you are offered the job, including their overall value. In some cases, a lower salary may be worthwhile if the benefits package is stronger than what you’d find elsewhere.
Essentially, you want to examine total compensation. That way, you can determine what pay rate is appropriate based on what else you’d receive.
While you might want to ask questions about the salary during your job interview, don’t jump the gun. Compensation discussions aren’t usually appropriate in the early stages of the hiring process. If you start inquiring about pay too early, that could rub the hiring manager the wrong way. If that happens, you may end up losing out on the job.
In most cases, your best bet is to wait for the hiring manager to begin the compensation discussion. At times, it may be a good idea to wait even longer. For example, if the hiring manager asks about your salary expectations very early in the interview, you may not have enough information about the job yet to respond comfortably.
If that’s the case, try delaying the conversation by letting the hiring manager know that you’re looking for a competitive salary but would need more details before you could confidently share a number. After that, you could ask a question that showcases the kind of information you need and see how the hiring manager responds.
Once the salary topic is broached, it’s often best to avoid giving the first number. For example, you could state that you’re familiar with industry norms and are comfortable in that range. Then, you could ask the hiring manager to provide you with the company’s salary range for the role.
In some cases, the hiring manager will give you some initial compensation details. However, they may also push back. If the latter occurs, then you may have to provide the first number to ensure you don’t seem combative.
When it comes time to share a number, go with a general range instead of a specific figure. For example, using something like “the mid-50s to the upper 60s” leave a lot of room for additional negotiating.
Use your research to determine what kind of range is appropriate based on industry norms in your area. Additionally, you can also hedge slightly by adding, “depending on the job’s exact responsibilities.” That little bit extra gives you more room, especially if you do not yet fully understand the details of what the job entails.
You could also say that the range is also dependent on the value of any benefits. This could be a great option if you are open to a lower pay rate if the total package brings enough to the table and you don’t know all of the benefits-related details yet.
When you share a number, it’s wise to justify your position. Citing research regarding typical salaries for similar roles in the area is a solid option, as it shows that you understand the local job market. You can also highlight the value you bring to the table, showcasing relevant accomplishments that genuinely demonstrate your skills.
As you justify your position, avoid bringing personal details into the equation that aren’t relevant to the hiring manager. For example, family size, plans to buy a home, or anything similar have no bearing on the conversation, so it’s best not to bring them up.
It’s important to remember that salary negotiations can head in many directions. If you’re genuinely interested in the job, stay open-minded. You may be able to use different approaches that ultimately get you to the number you want, though it may not happen right away. For example, you may be able to schedule pay increases that are tied to certain performance metrics in advance or negotiate for a higher performance bonus rate.
Similarly, you may be able to add in benefits or perks that increase the value of the total compensation package sufficiently to make a lower pay rate worthwhile. This could include more paid time off, access to tuition reimbursement or student loan assistance, or other additions.
By staying open-minded, you can explore alternatives with greater ease. That way, you increase your odds of ending up with fair total compensation based on what the job requires.
While everyone hopes that they can negotiate their way to a great salary, that won’t always happen. In some cases, companies simply aren’t prepared to offer what’s typical in your area or don’t have other forms of compensation that would ultimately meet your needs.
If you and the hiring manager are at an impasse, then walking away may be your best bet. Accepting a job that doesn’t meet your needs usually isn’t a great idea, and you may be better off if you continue your job search and find something that brings what you need to the table.
If you decide to remove yourself from contention for the position, do so in a polite, professional manner. That way, if another opportunity at the company that can meet your needs comes along, you won’t have burned a crucial bridge.
Do you have any other tips that could help someone get more money when interviewing for a job? Share your thoughts in the comments below.
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