This 15 year mortgage refinance rates loan is fully amortized over a 15-year period and features constant monthly payments. The current 15 year mortgage rates offers all the advantages of the 30-year loan, plus a lower interest rate and you’ll own your home twice as fast. The disadvantage of a 15 year fixed conventional mortgage rate is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates between 30 year and 15 year fixed mortgage rates today isn’t that great.
We’re here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE 15−Year Fixed Rate Mortgage Qualifier.
We’ll help you clearly see differences between 15 year fixed rate today loan programs, allowing you to choose the lowest 15 year fixed mortgage & refinance rates that is right one for you whether you’re a first-time home buyer or a seasoned investor.
Here's how our home loan process works:
A 15-year mortgage refinance rates loan is amortized over 15 years. During the tenure of the loan, interest rates and monthly payments remain constant. This refinance rate loan has all the pointers of a 30-year fixed-rate mortgage loan with one major difference. The monthly payments are higher leading to quicker closing of the housing loan.
A disadvantage of a 15-year fixed conventional mortgage rate over a 30-year loan is that the monthly payments are higher. To get around this fixed higher monthly commitment, borrowers often choose the lower payment 30-year loan and then make larger payments to clear off the loan faster in 15 years.
This approach is safer than committing 15 years to higher payments. Additionally, you are not under pressure to pay extra every month and can do so whenever surplus funds are available to you.
A Broker will take you through the process of obtaining a 15-year mortgage loan.
First, complete a 15-year fixed-rate Mortgage Qualifier provided by the Broker. You will then be given various options based on your criteria. From them, choose the best terms and the cheapest 15-year mortgage rates and the process is through.
As a rule of thumb, it may be harder to qualify for interest rates today 15 year fixed loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
15-year Fixed Rate Qualifier
