Can I choose between 10 and 15 years after reserving?

Question

Accepted Answer

Yes. Reserving with $1,000 takes the tract off the market; it does not lock your term. The term, 10 or 15 years, and your down payment, 5%, 10% or 20% of the financed price, are written into the Promissory Note you sign at closing, so you can decide while the title company prepares your file, as long as you tell us before the documents are drawn up. Use the calculator on the listing to compare both terms: the 10 year option has a higher monthly payment and less total interest, the 15 year option the opposite, and the interest rate is a fixed 10% either way.