A fifteen-year fixed mortgage is a type of home loan with a steady interest rate, requiring repayment over 15 years.
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 advantages:
Lower interest rates that save you money
Faster equity buildup
Reduced interest payments compared to longer-term loans
Faster homeownership
Fixed, predictable monthly payments that simplify budgeting
Better resale value
financial stress in the long term
Selecting a 15-year fixed mortgage can be a wise financial move for those who can afford the higher monthly payments and want to build equity and save interest in the long run.
Yet, many borrowers choose a 30-year fixed mortgage because there is not a big difference in interest rates.
If you live in Sumner, contact Wave Lending Group to learn about the differences between the programs. We offer competitive rates and a simplified process for both 15-year and 30-year fixed mortgages.
Our expert team will help you to choose the best mortgage based on your needs, so contact us today!
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