Leo Loomie quoted in Pittsburgh Post-Gazette on 30 vs.15-year mortgagesJuly 07, 2020
Leo Loomie, Senior Vice President, Client Development at Mphasis Digital Risk was quoted in the Pittsburgh Post-Gazette’s article titled, “Before taking out that 30-year mortgage, take a look at the 15-year version”. The article lays out the pro’s and con’s of both, ultimately showing that paying off a home in 15 years is generally less expensive.
Leo comments how the 30-year mortgage is most common because of its affordability. “While the lower payment better accommodates their debt-to-income ratio to qualify for the mortgage, in the long run they end up paying much more interest over time.”
Read the article in length here