15 Year Fixed-Rate Mortgage
A 15 year fixed rate mortgage is in many ways similar to a 30 year-fixed rate mortgage. Your rate stays the same throughout the life of your home loan, giving you security and predictability with your monthly mortgage payments. Yet, what does a 15 year-fixed offer that a 30-year fixed doesn’t?
The main difference is obvious – the length of your loan. With a 15 year-fixed rate home loan, you’ll be able to pay off your mortgage in a shorter amount of time, ultimately owning your home quicker than you could with a 30 year-fixed rate loan.
In addition, with a 15 year fixed rate mortgage, you’ll be able to take advantage of a lower rate than what’s available with a 30 year fixed home loan. A shorter loan term plus lower mortgage rates means paying less interest on your loan – saving you more money!
One point to note: a 15 year fixed rate mortgage will have a higher monthly payment than a 30 year, so you’ll need to factor that into your budget.
Is a 15 Year Fixed Rate Mortgage For You?
A 15 year fixed rate mortgage can be a great home loan for many people; specifically, it is very popular for two different types of homebuyers. First, young homebuyers with sufficient income find 15 year fixed rate mortgages popular as they enable these homeowners to pay off their home quickly before their children begin college. Second, homebuyers with an already established career and higher income find 15year-fixed rate home loans attractive as they can pay off their mortgage faster before they retire.
Become better acquainted with your borrowing rights, and costs and fees related to mortgage financing–with our new Know Before You Owe regulation (KBYO) pocket guide – or TRID as it’s known in the industry.
Why Guaranteed Rate?
Guaranteed Rate was founded on the ideals of bringing low rates and low fees, top-notch service and an easy-to-understand process to customers. By streamlining the mortgage process and concentrating on the customer experience, not only are we able to close your home loan quicker, but we have happier customers.
Guaranteed Rate’s home purchase experts handle your new home loan the way you prefer. So whether you prefer to use our Digital Mortgage or speak directly with a mortgage professional, we have the option for you.
Call our Home Loan Experts at 1-866-934-7283 or apply now using our Digital Mortgage.