The benefit of getting a 15 year fixed rate mortgage over all the other fixed rate mortgages is you pay your loan off faster and save lots of money in interest charges. This mortgage amortizes principal and interest over 15 years & may save a considerable amount of total interest in the long run but the monthly payments will overall be much higher than the 30 year and 20 year fixed rate mortgages.
Please click here to visit our section of mortgage calculators that will let you know where you stand and what you kind of payment you can expect with a 15 year fixed rate mortgage.
There are advantages of financing your home on a 15 year fixed rate mortgage. The 15 year fixed rate mortgage offers a lower interest rate than a 30 year or 20 year fixed rate mortgage. Which saves you a significant amount of interest over the life of the loan. The 15 year fixed rate mortgage allows you to own your home sooner. Another advantage is with a fixed rate mortgage, your interest rate will remain the same throughout the loan so there are no interest rate change surprises.
There are some disadvantages of financing your home on a 15 year fixed rate mortgage. Compared to the 30 year and 20 year fixed rate mortgage your payment will be quite a bit higher because you are financing it for less years.
Be sure to visit our "Which Loan Is Right For Me?" section for a list of loan terms and the pros and cons of each one.
