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15-Year Fixed Rate Mortgages with Newfi
- Pay off your mortgage loan sooner
- Quickly build equity in your home
- Lower interest payments
Get In Touch with a Newfi Senior Loan Advisor Today!
Our team of dedicated Senior Loan Advisors are here to help you find the right mortgage solution for your situation.
What is a 15-Year Fixed Rate Mortgage?
15-Year Fixed Rate Mortgages are a fixed interest rate, fixed monthly payment mortgage option that offers borrowers the ability to pay off their mortgage in only 15 years. This allows borrowers to pay down their mortgage quickly, save more money in interest payments, and build equity in their home faster. Because this mortgage has a shorter loan term and typically a lower interest rate compared to other mortgage options, borrowers pay less interest over the life of the loan.
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How Does the 15-Year Fixed Rate Mortgage Compare to a 30-Year Fixed Rate Mortgage?
15-Year Fixed Rate mortgages and 30-Year Fixed Rate Mortgages offer borrowers a fixed interest and a fixed monthly payment for the entire loan term. A 30-Year Fixed mortgage offers lower monthly payments when compared to a 15-Year Fixed mortgage with the same loan amount.
However, 30-Year Mortgages tend to have higher interest rates because of their longer loan terms and it will take longer to build equity in the home versus a 15-Year Fixed Rate Mortgage.
Frequently Asked Questions
What are the Benefits of a 15-Year Fixed Rate Mortgage?
- Shorter loan terms and typically lower interest rates mean that you are more likely to pay less interest over the life of the loan.
- Build equity in your home faster to have reserves you can use, should you need them!
- Pay off your home loan in 15 years.
- Fixed interest rates mean that your mortgage payments will never be affected by a fluctuating market.
- Better Private Mortgage Insurance rates and the option to cancel earlier due to building equity quickly.
What are the Disadvantages of a 15-Year Fixed Rate Mortgage?
- Higher monthly mortgage payments compared to a 30-Year Fixed.
- You will likely qualify for a lower total loan amount based on your higher monthly payments.
What is an Interest Rate?
When you take out a loan (whether it be a personal, student, or mortgage loan) there will likely be an interest rate associated with your loan balance. An interest rate is a fee that lenders charge their borrowers for lending money to them that accumulates over time.
With a 15-Year Fixed Rate Mortgage, you pay your interest balance and principal balance in one neat monthly payment. However, the interest balance is technically separate from the principal balance, and based on a number of factors, including a percentage of your mortgage loan.
What are Current 15-Year Mortgage Rates?
Your exact 15-Year Mortgage rates will depend on the mortgage you choose, the rate you qualify for and the terms you select. Contact us to review your options and calculate your payments.
What are My Other Mortgage Options?
- Looking for More Flexible Qualifying Options? Consider an FHA Loan!
- Document Your Income Differently? Consider a Self-Employed Mortgage!
- Need a Lower Monthly Payment? Consider the 30-Year Fixed Rate Mortgage!
How Does an Adjustable Rate Mortgage Compare to a 15-Year Fixed Rate Mortgage?
An Adjustable Rate Mortgage (ARM) is a mortgage option that offers borrowers an interest rate that changes (or adjusts) based on market interest rate fluctuation. Borrowers who are looking to lock lower interest rates may opt for an ARM.
Opting for a mortgage option with fluctuating rates ultimately means a fluctuating monthly payment. This can be a great thing when interest rates are low and you’re able to pay less, but you also run the risk of having to pay more during times where rates peak. This can make it hard to budget consistently or put your money toward other things like investments and vacations.
It’s important to talk to a professional about your options. Get in touch with one of our Senior Loan Advisors today!
Can I Refinance My 15-Year Fixed Rate Mortgage?
Yes! Borrowers can refinance their 15-Year Fixed Rate Mortgage to get a new interest rate, loan term, or mortgage loan. With a 15-Year Fixed Rate Mortgage, you may be able to refinance sooner than other mortgage options, and access your equity to get cash out!
What is the First Step in Getting a 15-Year Fixed Rate Mortgage Loan?
Because everyone has their own unique situation, we recommend speaking to a loan advisor about your options as your first step. Go to newfi.com/get-started or fill out the form on this page for a free consultation with one of our licensed loan advisors to learn about what documentation and qualifications you may need!
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