The 15-Year Fixed Rate Loan is a perfect solution for many home buyers and owners.
15 year fixed-This fixed rate product is less common than the traditional 30 year purchase, however it has several benefits for the customer. The shortened amortization schedule allows for principle to be hit much more quickly; this lets the customer pay less interest over the term. Typically, the rate on a 15 year fixed is about .5 % lower than the 20 and 30 year terms. This rate reduction can save thousands! Also, 15 year loans require lower mortgage insurance (if required) commitments, thus keeping your payment even lower.
Refinancing with a 15 year term could save you thousands of dollars! Many people start out with a 30 year mortgage when buying a home, then eventually switch to a 15 year option to pay the loan off even sooner. This could be a great way to meet your retirement goals.
Contact us today to find out if a 15 year term makes sense for you. Someone is available now at 1-877-229-6901.
