You may or may not be happy with your 15 year fixed mortgage loan. Whether you want to refinance it or not, we do give you that option. Quicker payoff time and lower rates of interest make a 15-year mortgage attractive. Those who can afford to pay off their mortgage in half their usual time or who can afford higher payments each month will benefit from getting a fifteen-year mortgage. A timeline of fifteen years saves tens of thousands of dollars in interest. To make this work, you will need enough money after your payment each month to cover emergencies, savings, and expenses. You will also need a reliable income.
A fifteen-year mortgage gets paid off in fifteen years if your payments on time. Typically, there is a fixed rate on these mortgages which keeps the interest rate and principal the same for as long as keeping the mortgage. However,r your insurance costs and taxes can change. Typically, payments for your fifteen-year loan each month are higher than someone with a thirty-year mortgage. If you are stuck in a fifteen-year mortgage and want to refinance this, or give us a call and we can help you apply for a mortgage with different terms.
When buying a home, there is a lot to think about. Deciding between a fifteen, twenty or thirty-year mortgage might not seem like something you want to be overwhelmed with. However, this is one of the decisions you need to make which determines your well-being financially for the coming decades. Depending on whether you have kids, how stable your job is, and other factors, you can decide which type of loan is best for you. A 15-year mortgage gets paid off in half the time than a 30-year mortgage. The main advantage of this loan is that you will be able to save a lot of money in the remaining 15 years after you are done with payments. On the other hand, should you prefer a 30-year mortgage, give us a call today.