A fifteen-year fixed mortgage is an example of home loan with an unchanging interest rate, requiring repayment over a 15-year period.
Due to the short duration of the 15-year fixed mortgage, the monthly payments will be higher. Despite this, the 15-year fixed mortgage has many advantages:
Lower interest rates that save you money
Faster equity buildup
Reduced interest payments compared to longer-term loans
Quicker homeownership
Fixed, predictable month-to-month payments that simplify budgeting
Higher resale value
Reduced long-term financial stress
Selecting a 15-year fixed mortgage can be a smart financial move for people who can afford the higher monthly payments and want to build equity and save interest in the long run.
However, many borrowers choose a 30-year fixed mortgage because there is not a big difference in interest rates.
If you are in Sumner, contact Wave Lending Group to learn about the differences between the programs. We offer competitive rates and an efficient process for both 15-year and 30-year fixed mortgages.
Our expert team will help you to choose the best option based on your needs, so call us today!
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