A fifteen-year fixed mortgage is an example of home loan with a steady interest rate, requiring repayment over a 15-year period.
Due to the short duration of the 15-year fixed mortgage, the month-to-month payments will be higher. Despite this, the 15-year fixed mortgage has lots of benefits:
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
Increased resale value
financial stress in the long term
Choosing a 15-year fixed mortgage can be a wise financial move for people who can afford the higher monthly payments and want 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, 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 experienced team will help you to choose the best home loan based on your needs, so contact us today!
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