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Accelerate Your Savings: Lock in Low Rates with Our Streamlined 15-Year Fixed Mortgage Process!

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Compare rates and terms to find the perfect fit for you.

Choose the offer that aligns perfectly with your goals.

What is a 15-Year Fixed Rate Mortgage?

A 15-year fixed-rate mortgage is a home loan with a set interest rate that remains constant for the entire 15-year term.

It offers borrowers the advantage of shorter loan duration and potentially lower total interest payments compared to longer-term mortgages.

This mortgage option is ideal for those who want to pay off their home loan faster and build equity more quickly.

How Does A 15-Year Fixed Mortgage Work?

Borrowers lock in a fixed interest rate at the beginning of the loan term, which remains unchanged throughout the 15-year duration.

Monthly mortgage payments are higher compared to longer-term mortgages but result in significant interest savings over the life of the loan.

This mortgage option is perfect for homeowners who prioritize paying off their mortgage quickly and reducing overall interest costs.

What Makes Up A 15-Year Fixed Mortgage?

Fixed interest rate: This rate remains constant for the entire 15-year term, providing borrowers with stability and predictability.

Loan term: The mortgage is structured to be repaid over a period of 15 years, allowing homeowners to build equity faster and pay off their mortgage sooner.

Principal amount: Borrowers borrow a specific amount of money from the lender to purchase their home, which is repaid over the 15-year term along with interest.

What Factors Impact 15-Year Fixed Mortgage Rates?

Economic indicators: Factors such as inflation, economic growth, and employment rates can influence mortgage rates.
Federal Reserve policies: Changes in monetary policies set by the Federal Reserve, including adjustments to the federal funds rate, can affect mortgage rates.

Market demand: Supply and demand dynamics in the housing market, as well as investor sentiment, can impact mortgage rates for 15-year fixed mortgages.

How Does A 15-Year And 30-Year Mortgage Differ?

The primary distinction is the duration of the loan. A 15-year fixed-rate mortgage has a shorter term, meaning borrowers pay off their mortgage in half the time compared to a 30-year term.

Monthly payments on a 15-year fixed mortgage are typically higher than those on a 30-year fixed mortgage due to the shorter term. However, because the loan is paid off faster, total interest payments over the life of the loan are significantly lower.

While interest rates on both types of mortgages can vary based on market conditions, 15-year fixed-rate mortgages often come with slightly lower interest rates compared to 30-year fixed-rate mortgages. This is because lenders take on less risk with a shorter loan term.

What Are The Pros And Cons Of A 15-Year Fixed Mortgage?

PROS

  • Significant interest savings over the life of the loan compared to longer-term mortgages.
  • Faster equity buildup and shorter loan duration provide financial security and peace of mind.
  • Potential for lower interest rates compared to longer-term mortgages, resulting in overall cost savings.

CONS

  • Higher monthly payments compared to longer-term mortgages, may impact affordability for some borrowers.
  • Limited flexibility in monthly budgeting due to higher payment obligations.
  • Potential for missed investment opportunities due to higher monthly mortgage payments.

How Do I Know If A 15-Year Fixed Mortgage Right For Me?

Consider your financial goals: If you prioritize paying off your mortgage quickly and saving on interest costs, a 15-year fixed mortgage may align with your objectives.

Assess your budget and cash flow: Determine if you can comfortably afford higher monthly mortgage payments associated with a 15-year term without sacrificing other financial goals.

Consult with a mortgage professional: Discuss your specific circumstances and financial objectives with a licensed mortgage lender to determine if a 15-year fixed mortgage is the right choice for your homeownership journey.

Disclaimer: The content on this page is based on regulations and information available at the time of posting, but may change without our knowledge. This content is intended for informational purposes only and does not constitute any legal or binding agreement. 

Get Your FREE 15-Year Fix Rate Mortgage Quote!

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Explore personalized options tailored to your unique situation.

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Choose the offer that aligns perfectly with your goals.

She was so helpful and knowledgeable. She is so patient and kind! I know I asked her the same questions over and over again and she was always so positive. She made sure I was 100% confident with the knowledge she shared. She was always a call/text away!

Allison Stansberry

Bri has been a lender for several of my Real Estate clients. She’s available 24/7 and explains everything so well! The entire team is wonderful!

Donna Baugh

While shopping for a loan for my first home, agent Jim Crews mentioned Heather Lyons. Each bank wanted a much bigger down payment, so I decided to contact her. She was undoubtedly the most accessible, professional loan agent I could have found, as well as getting the down payment I wanted. Working 2nd and 3rd shifts would have made discussing each step of the load process very difficult with a bank. Her ability to contact me with clear explanations and answers to my questions made obtaining a first mortgage stress-free. I recommend her for your next loan, especially to my fellow first responders. She has a great appreciation for what we do.

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