Homebuyers
15-Year Fixed Rate Mortgages
June 15, 2016
When you know you want a fixed-rate mortgage that gives you the security of predictable monthly payments, an interest rate and payment that won't fluctuate and want to pay your loan off in half the time of a 30-year Fixed-Rate Loan, a 15-year Fixed-Rate Mortgage may be your best option. If you want your home paid off before you begin paying for college tuition, or you were thinking of entering early retirement, a 15-year Fixed-Rate Mortgage might be the home financing plan to meet your needs.
Whether you're a first-time homebuyer looking for a first-time mortgage, a move-up buyer upgrading or changing homes, or need to refinance your current mortgage, with a 15-year Fixed-Rate Mortgage, you receive all the benefits of a traditional 30-year Fixed-Rate Loan and more.
- Security: A 15-year Fixed-Rate Loan allows you to rest easy knowing your mortgage payments will never increase over time.
- Reliable Monthly Payments: Unlike some other types of mortgages, a 15 Year Fixed Rate Loan offers you the ability to know exactly how much your payment will be each month. Another benefit is your interest rate will be lower compared to a 30 Year Fixed Rate Loan, plus you pay off your home loan faster.
- Inflation Protection: Regardless of any fluctuations that happen in the market over time, your interest rate will never increase for the life of your loan.
- Faster Loan Repayment: Along with the added benefit of paying less interest throughout your loan, selecting a 15-year Fixed-Rate Loan allows you to pay off your mortgage more quickly. This can be beneficial for home buyers looking to retire early or wishing to pay off their home's mortgage before making college tuition payments for their children.
- Building Equity: Selecting a 15-year Fixed-Rate Loan allows you to build equity more quickly than if you choose a 30-year Fixed-Rate Loan.
To learn more about a 15-year Fixed-Rate Loan, or if you are interested in learning more about an Adjustable-Rate Mortgage, Interest-Only Mortgage, or any of our types of mortgages, talk to a mortgage expert.
