The 15-Year Fixed Conventional Mortgage
Planning on living in your home for a while? Then the 15-Year Fixed Conventional Mortgage could be right for you, stack up your equity with this traditional mortgage.
Offering you the safety of a fixed-rate mortgage without a 30-year commitment the 15-year fixed mortgage is growing in popularity. This loan program is great for those who can afford a slightly higher monthly payment than a 30-year fixed-rate mortgage, but aren’t comfortable with a three decade loan term. When rates are low, this loan program allows you to build equity at a faster rate, pay off your mortgage sooner, and save money in interest. Sounds pretty good, right? Yeah, we thought so too.
Benefits of the 15-Year Fixed Conventional Mortgage:
Save thousands by lowering your rate or paying off your mortgage faster
Ease your mind knowing your monthly Principal and Interest rates won’t change.
By saving thousands you can reach retirement faster. I hear the ocean calling your name!
Let’s dig a little deeper – how it works:
Although the 15-year fixed conventional loan program is starting to grow in popularity, the glass slipper doesn’t fit everyone! The 15-year conventional works best when these requirements line up with your situation:
Requirements and facts:
- If you don’t like surprises, this loan program is for you. There’s no need to worry about interest rate jumps, your monthly principal and interest rate payment will stay the same for the life of the loan
- 15-year fixed conventional mortgages have a shorter loan term and lower interest rate = a loan program that can help you pay off your home faster and build equity quickly
- Your payments are higher with the 15-year fixed conventional, but these higher payments mean you’re putting more equity into you home in a shorter period of time, cha-ching!
- Save money on interest with a shorter loan life
- The home you’re trying to finance doesn’t exceed your area’s 15-year fixed conventional mortgage limits
- You have funds available for a down payment – even with the new 3% down option, you must be able to afford a down payment
- You have a FICO score that meets necessary requirements.
- You can prepay your mortgage without penalties.
- Interest rates are lower than 30-year fixed rates
- Lock yourself in for a stable, consistent rate for 15 year. Say hello to the care-free livin’ days. The 15-year fixed brings stability into your life.
- Since this loan term is a shorter period of time, you can save some money on interest. Are you seeing the dollar signs yet? You should be!
- Build equity faster than the 30-year fixed loan
Do you think you may be Cinderella and the 15-year fixed conventional is your glass slipper? We think so too! If you’re 100% ready to pull the trigger start applying now, but there’s still the option to learn more about the conventional mortgage. Compare your options by getting a rate quote now!