A 15-year fixed mortgage is an example of home loan with a consistent interest rate, requiring repayment over fifteen years.
Due to its short duration of, the monthly payments will be higher. Despite this, the 15-year fixed mortgage has lots of advantages:
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
Selecting a 15-year fixed mortgage can be a smart financial move for people who can afford the higher monthly payments and seek 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 a streamlined 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 call us today!
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