Standard post published to Wave Lending Group #21751 at June 12, 2024 16:02

A fifteen-year fixed mortgage is a form of home loan with a steady interest rate, requiring repayment over a 15-year period.

Due to its brief duration, 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
Quicker 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 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 thirty-year fixed mortgage because there is not a big difference in interest rates.

If you live in Sumner, contact Wave Lending Group to understand 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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