A 15-Year Fixed Rate Mortgage offers borrowers a low rate and the ability to save money over the life of the loan by paying less in actual interest. Since the term is shorter, more of your payment goes to paying down the Principal Balance.
In order to decide if the 15-Year Fixed is right for you, take a few minutes to understand this financing option.
Benefits of 15-Year Fixed Rate Mortgage
There are many reasons a 15-Year Fixed Rate mortgage is the right choice for a homeowner. Our team at RHMC, identified three key benefits of a 15-Year Fixed Rate Mortgage.
Lower Rates. Lock in at a lower rate than a traditional 30-Year Fixed Rate loan and pay it down faster.
Build Home Equity Faster. 15-Year Fixed Rate loans build equity quicker, since you’re paying more towards the principal in each payment.
Shorter Time Period. Pay off your loan in 15 years instead of the standard 30, because who doesn’t want to be mortgage free sooner than later!
What Is a 15-Year Fixed Rate Mortgage Loan?
Just as the name indicates, a 15-Year Fixed Rate Mortgage gives borrowers 15 years to pay back the loan. The interest rate is fixed so the principal and interest payments never change over the life of the loan. Since the loan term is shorter than other loans, borrowers will save money by paying less in interest payments.
Ready to Mortgage Smartly™?
A 15-year fixed rate mortgage is an excellent financing option for borrowers who want to pay off their loan quicker and maintain stability in their monthly loan payment. RHMC’s loan associates are here to help every homebuyer with the best possible rates, while providing top-notch customer service.
Fill out a low rate quote request today to discuss your 15-Year Mortgage loan with one of our RHMC experts. Get started today. Mortgage Smartly™.