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. We also offer a variety of other terms if the 15-year is too aggressive on the monthly payment or the debt ratio impacts the pre-approval process. Other options include taking a longer term and simply making higher mortgage payments to pay the loan off at your comfort level. We’ll be here to help you review these loan options!
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 or submit the “Quick Quote” form on this page.
