15-Year Fixed Rate Mortgages

15-Year Fixed Rate Mortgages

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



  • Monthly payments based on interest rate, principal loan amount, and amortized interest over 15 years.
  • Your payment will not change throughout the life of the loan.
  • Your actual payment will vary based on your situation and the current interest rates when you apply.
  • You can pay your mortgage at any time without pre-payment penalties.

15-Year Fixed Rate Mortgage Features


  • 30-, 25-, 20-, 15- and 10-year terms are all available with fixed rates

  • Refinance up to 95% of your primary home’s value

  • Buy a home with as little as 5% down (primary home)

 
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