15 Year Fixed
15 Year Fixed rate mortgage loans are great and provide many benefits to those looking for a more aggressive approach to paying off the home. Make sure you have evaluated any future monies that might be needed for home repairs, job loss, education, or lifestyle. The payments will be higher so it is only recommended for those with those focused on paying the house off early.
Advantages of a 15 Year Fixed Loan
- Lower interest rates than a 30 Year
- Pay less in interest payments to the bank
- Fixed rate so your principal and interest never changes
- Build equity faster
- Buy a home with as little as 3% down payment
- Refinance your home with lower built up equity
- No prepayment penalty for paying off early
Disadvantages of a 15 Year Fixed Loan
- Higher payments
- Aggressive loan terms incase of unexpected life difficulties
For more information about 15 Year Fixed Loans, their benefits and loan options and how it may apply to you, please contact us direct at 281-627-4222 or submit the quick quote form on this page.