Payoff Your Loan Faster With a 15-year Fixed

15 year fixed mortgage rates are lower than a 30 year. They can range anywhere from 1% to 0.50% lower in rate, than a 30 year fixed mortgage. A 15 year fixed mortgage will pay your home off in half the time as a 30 year loan term. Apply now, you may be surprised at just how low the payment can be for a 15 year mortgage loan.

What are the differences and how does it work?

A 15 year fixed rate mortgage is a loan with an interest rate that does not change for the life of the loan. For example, on a $400,000 loan with a fixed interest rate of 2.75%, on a 15 year mortgage, the monthly payments will be $2,714. So, as long as you have that loan, the interest rate of 2.75% and monthly payment remains the same.

Who can benefit from 15 year fixed mortgage rates?

15 year fixed mortgage rates are lower than the traditional 30 year fixed mortgage rates. This loan works best for people who want a predictable, set deduction from their monthly income are best prepared for 15 year fixed mortgage. These are people who don't like surprises when it comes to monthly bills. Typically, if you plan to stay in the home for over 5 to 7 years and want to gain more equity faster, then the 15 year mortgage is a great plan. You don't have to worry the up and downs of the financial markets, just make your payment and rest assured that you mortgage loan balance is going down fast.

What are the pros and cons of getting a 15 year fixed rate mortgage loan?

The advantages of a 15 year fixed rate are:

• It reduces the amount of interest you pay significantly
• You own your home free and clear a lot quicker,
• Interest rates are lower than a 30 year fixed by .50 to 1.0 percent;
• A great choice for those looking to retire and keep their monthly expenses to a minimum.

The disadvantages of a 15 year fixed rate loan are:

• Although the interest rate is lower than a 30 year fixed, payments are generally higher than 30 year fixed
• You may qualify for less home than you would with an ARM
• Borrowers may end up paying more interest vs. an ARM
• If you choose to sell your home in 5-to-7 years youmay lose some of the mortgage interest tax deduction

Get a 15 Year Fixed Rate Quote and lock in a low mortgage rate Today!