The City of Helena 2011 Growth Policy created a clear vision of the areas adjacent to the city which would be best served by annexation to Helena, providing opportunities for housing and commercial development while protecting agricultural, recreational, water and other natural resources. The residential and business community Mountain View Meadows, located in the southeast corner of Helena, could have remained in the county when development began there in 2004. However, it appeared to developer Mark Runkle that the residents that would eventually own homes at Mountain View Meadows would be better served with City infrastructure and services. As a proponent of complete streets and the connectivity sidewalks and trails provide in creating accessibility for people of all ages and abilities, Runkle chose to invest in the City of Helena. Through the phasing process, as each new area of Mountain View Meadows develops, the approved infrastructure and the developed lots, parks and open spaces are annexed into the City of Helena. To date, along with all the inherent infrastructure, over 220 single-family homes and condos, a 5.2 acre fully-developed park, and commercial acreage that includes the new home of Blue Cross Blue Shield of Montana have been annexed into Helena with more residential and business lots being developed each year. Over time, Runkle looks forward to residents walking to work, restaurants and entertainment as the business and commercial neighborhood continues to develop. "Even though Lewis & Clark County had no zoning which would have made development much cheaper had we remained in the county, it was clear to me that Mountain View Meadows belonged in the City. We saw Helena as the center for economic growth where most of the residents throughout the county work and play. We wanted to be part of building and sustaining the economic vitality of Helena, adding to the tax base rather than contributing to unmanaged growth. We were very excited to hear at the luncheon that Lewis & Clark County is taking steps forward to better manage growth for the benefit of the greater community."

"The Key to financial freedom is to be debt free," says Amy Unger in her article Money Matters on wfmz.com. "For most people, a home is the biggest investment they'll ever make, and with it comes the biggest debt they'll ever face: a mortgage. The sooner you can destroy that debt, the sooner you will become financially free."

 

Although a 30-year fixed mortgage remains the most popular, a 15-year fixed-mortgage typically comes with a lower interest rate and you will pay significantly less in interest over the course of the loan. You'll also reach mortgage-debt freedom in half the time. So why not go the 15-year mortgage route?

 

The online mortgage marketplace, The Lenders Network, compares 15-year vs 30-year fixed-rate mortgage loans to help you decide which one is best for you.

 

• A 15-year mortgage means a lower interest rate but a higher mortgage payment. A 30-year mortgage means a higher interest rate but a lower mortgage payment.
• You will qualify for a higher loan amount with a 30-year fixed rate.
• Your debt-to-income ratio will be higher with a 15-year mortgage because the monthly mortgage payment is higher. You won't qualify for as large of a loan.
• If you hold a 30-year fixed-rate loan until its final pay-off date, you'll end up paying a lot of interest. Example: a $200,000 30-year mortgage at 4.13%, if you take the full 30 years to pay, you'll pay more than $140,000 in interest.
• If you hold a 15-year fixed-rate loan until its final pay-off date, you'll save tens of thousands of dollars in interest. Example: on a $200,000 15-year mortgage at 3.2%, you'll pay only $52,000 in interest.
• With a 30-year fixed-rate loan of $200,000 at an interest rate of 4.10% your monthly payment, not including taxes and insurance, will come out to about $966 a month. If you borrow that same $200,000 with an interest rate of 3.20% in the form of a 15-year fixed-rate loan, your monthly payment, again not including taxes or insurance, would jump to about $1,400.
• A 15-year fixed rate loan builds equity quicker, but since the payment is higher than on a 30-year, you will have less "extra" cash each month.
• A 30-year mortgage makes more sense if monthly cash flow is your biggest concern, or you earn commissions and your income varies. Because this loan type comes with the lowest monthly payment, it will also leave you with more money in your budget each month.
• With a 30-year mortgage, you can always pay down the principle balance faster by paying extra each month. However, you are not locked into that higher mortgage payment. On a $160,000 loan the mortgage payment would be roughly $850 per month. By paying an additional $415 each month you will pay off your mortgage in just 15 years. This is a great option, if you can afford the extra $415 per month. But if something happens that month and you can't pay it, you pay just $850.
• How long will you live in the home? This can make a big difference. If you plan on living in your home for a short period of time - say eight years or less - then a 30-year loan might make the most sense. You'll benefit from the lower monthly payments, and you won't have to pay as much interest because you'll be selling your home long before your loan's pay-off date.
• If you plan on living in your home 15 years or more, you might as well shave tens of thousands of dollars off the amount of interest you'll pay while living there by choosing a 15-year mortgage.

 

The experts at The Lenders Network encourage buyers to meet with a mortgage lender to determine your housing goals and help you calculate which loan type makes the most sense for you. However, If the 30-year fixed rate mortgage is the only option, there are ways to still pay off the loan quicker while you save on interest and build up equity.

 

"It's called bi-weekly payments," says Unger. "You pay half your regular payment every two weeks, rather than a full one every month. Result? You make one extra payment annually. Just that one tactic can pay a 30-year mortgage off in 22 years, and save thousands in interest." And one last tip says Unger, no matter which loan you choose: rounding up. "If your payment is $950 a month, for example, you'll probably consider it to be a grand anyway, so why not make the payment $1000? Just make sure the extra goes toward principal."