15 Year Mortgage Loans = Equity Builder!
Do you want to pay off your mortgage ASAP? Then, a 15 year mortgage term could help! It is no secret that a shorter term loan has benefits. First of all, the interest rate is lower than its counterparts. Next, the total payout is much lower than a 20 or 30 year term. So there are several reasons to refinance to a 15 year mortgage and fixed rate. Let’s discuss a few.
15 Year Mortgage Fixed Rate Features
- Certainty of a fixed mortgage payment that does not change for the life of the term
- No prepayment penalties or balloon payments
- Rates are lower than longer term mortgages like the 20 or 30 year fixed rate mortgage
- The interest savings of a 10 or 15 year mortgage compared to a longer term can be huge
- Available for VA and FHA
- Retire earlier with a paid off mortgage
When refinancing from a 30 to a 15 year mortgage, you need to be sure you can afford it. A longer term mortgage gives a borrower more flexibility in payment. But, if you feel very confident in making the payments, this option can save a lot of money.
Why Choose Team Move for your fixed rate mortgage?
Finding the right loan, including rate, length of term, fixed or adjustable rate, is so important but equally as important is choosing the right mortgage team and lender for figuring out what is right for you and your goals. Team Move continually strives to make sure our product offerings are cutting edge and that we have the knowledge to choose the right product for your wants and needs. Rates are still at historically very low levels so considering a refinance or purchase with a 10 or 15 year mortgage is a great idea.