Fixed Rate Mortgages
A fixed-rate mortgage is traditional mortgage with fixed payments. Locking in a fixed interest rate provides mortgage payment stability and is a great option for budgeting. The traditional fixed-rate mortgage is the ultimate in payment security; since your rate won’t change for the life of your loan, your payment will never increase.
15-Year Fixed Rate
If you are looking for long term savings over the life of your loan then refinancing to a shorter loan term may be your best option. If you have a 30-year mortgage, and your financial goal is long term savings, you may want to consider shortening your loan term to a 20 or even 15 years.Although 15-year loans have higher monthly payments, you will end up paying much less in interest over the life of the loan, saving you hundreds or even thousands of dollars in the long run. As with most areas of personal finance, your decision will be based on where you are at in life, your current financial situation, and your financial objectives for financing your home.
How a 15-Year Fixed-Rate Mortgage Works
15-Year Fixed Rate Mortgage Features
Whether you have already found your dream home or are still looking, our team of mortgage professionals can help you choose a loan program that aligns with your financial objectives. If you are interested in applying for an FHA loan, you can begin the process by filling out our quick quote form or call to speak with one of our mortgage professionals.