Save Thousands With a 15 Year Mortgage
The 15 year fixed rate mortgage is very similar to the traditional 30 year mortgage in that the monthly payments and interest rate stays the same over the 15 year term of the loan. The 15 year mortgage has interest rates that are lower than the 30 year loans and allows borrowers to own their home in half the time, which will save them hundreds of thousands of dollars in interest. The drawback to this mortgage option is that the monthly payments will usually be 10-15% higher than a 30 year mortgage.
- Lower interest rate
- Completely own your home in half the time
- Save thousands in interest
- Monthly payment and interest rate remain fixed
Who It’s Best For
The 15 year mortgage is most beneficial for those who have enough income to afford the slightly higher monthly payment and desire their home to be paid off much sooner. This includes younger families wanting to pay off their home before their children reach college as well as older people trying to pay off their home loan before they reach retirement.
We’ll help you see the differences in loan programs and ultimately find the mortgage product that is going to best fit your financial needs.