Many borrowers prefer the option of a 15-year fixed mortgage. Typically on a 15-year fixed mortgage the interest rate is much lower because the loan is considered less of a high risk. Choosing this option will result in a higher monthly payment but will also save you quite a bit of money over the life of the loan.
If you answered "Yes" to any of these questions, a 15-year fixed rate mortgage might be right for you!
The most obvious benefit of this loan option is that you pay off your mortgage in half the time of a 30 year mortgage! Instead of the standard 360 payments you will make only 180. This program also has no prepayment penalty fees. See an example below of how much interest you would save by choosing a 15-year fixed rate mortgage over a 30-year fixed:
|Mortgage Savings||Rate||Monthly Payment||Total Interest Expense|
In this $200,000 loan amount scenario, by choosing a shorter term you could save over $76,000 compared to a 30-year mortgage. Find out how you can start saving money and get the most of your mortgage today!
RANLife offers some of the most competitive fixed rate mortgages in the nation