As a rule of thumb, it may be harder to qualify for fixed-rate loans than an adjustable-rate loan. When interest rates are low, fixed-rate loans are generally not much more expensive than adjustable-rate mortgages. Fixed-rate loans can be a better deal in the long run. Because of this, you can lock in the rate for the life of your loan.
Our 15 Year Fixed Rate Mortgages Process is Quick & Painless
What are 15 Year Fixed Rate Mortgages?
A 15-year mortgage is defined by its term length and is just one of multiple kinds of fixed-rate mortgages that are available. This loan’s interest
rate won’t change over the 15-year period and features monthly payments. It offers all the advantages of the 30-year loan, as well as a lower interest rate. As an added bonus, you’ll own your home twice as fast!
Long term, these loans will cost you less money throughout the life of the loan. This is due to interest rates generally being lower and the loans are paid off faster, so you’ll pay less in interest overall
The disadvantage is, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, because the difference in interest rates isn’t that large.
We are here to make the home loan process a whole lot easier! We have all the tools and expertise to guide you through the process. Start today with a FREE 15-Year Fixed Rate Mortgage Qualifier.
We will help you clearly see differences between loan programs. Thus, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor!
The 15 Year Fixed Rate Mortgage Loan Process
Here’s how our home loan process works:
- Complete our 15-Year Fixed Rate Mortgage Qualifier
- Receive personalized loan options
- Compare mortgage interest rates and terms
- Select the offer tailored to your needs!
