15 Year Fixed Rate Mortgage
With a 15 year fixed rate mortgage, your interest rate does not change, your payment does not change, and you pay the loan off in 15 years. This is the most popular mortgage when looking for faster mortgage pay-off.
Current 15yr rate is cited in the rate box on the right. >>
Are you curious as to what your 15 year fixed mortgage rate and closing costs might be if you were to refinance or purchase a new home right now? You can run your numbers and get instant on-line estimates here: www.top-lenders.com. No contact information is required.
15 Year Mortgage Advantages
Lower interest rate than with 30 year fixed rate mortgage.
Allows to build up equity faster and to reduce interest paid over the life of the loan.
Interest rate does not go up even if rates go up.
Payments stay the same for 15 years.
15 Year Mortgage Disadvantages
Higher monthly payment than with other popular mortgage types.