Standard post published to Wave Lending Group #21751 at October 06, 2023 16:01

A 15-year fixed mortgage is an example of home loan with an unchanging interest rate, requiring repayment over a 15-year period.

Due to its short duration of, the month-to-month payments will be higher. Despite this, the 15-year fixed mortgage has many advantages:

Lower interest rates that save you money
Quicker equity buildup
Reduced interest payments compared to longer-term loans
Faster homeownership
Fixed, predictable month-to-month payments that simplify budgeting
Better resale value
financial stress in the long term

Choosing a 15-year fixed mortgage can be a clever financial move for people who can afford the higher monthly payments and seek to build equity and save interest in the long run.

Yet, many borrowers choose a thirty-year fixed mortgage because there is not a big difference in interest rates.

If you are in Sumner, call Wave Lending Group to learn about the differences between the programs. We offer competitive rates and a streamlined process for both 15-year and 30-year fixed mortgages.

Our expert team will help you to choose the best home loan based on your needs, so contact us today!

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