15 Year Fixed Rate
What is it?
With a 15-year fixed rate mortgage, your interest rate does not change during the 15-year term of your loan. Like a 30-year fixed rate mortgage, you are guaranteed that the interest rate on your monthly mortgage payment will not change. In essence, your monthly mortgage payments are much more predictable than some other mortgage options, including an ARM.
Key Things to Remember
- Trying to decide between a 15-year and 30-year fixed rate mortgage? With a 15-year fixed rate mortgage, you will be able to pay off your mortgage in less time, and your interest rate will be slightly lower.
- However, with a 15-year fixed rate mortgage your monthly payments will be higher because you are paying off the loan in a smaller period of time than if you had a 30-year fixed rate mortgage.
- Young home buyers
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