15-YEAR FIXED RATE MORTGAGE
15-YEAR FIXED RATE MORTGAGE
Regarding homeownership in the United States, the American Dream often involves owning a place you can call home. And for many, that dream is best realized through a mortgage. One mortgage option that has garnered attention and favor over the years is the 15-year fixed-rate mortgage.
Contact Us To Know More
What is a 15-year fixed-rate mortgage?
A 15-year fixed-rate mortgage is a home loan that provides you with the security of a fixed interest rate over a 15-year term. Unlike adjustable-rate mortgages, where interest rates can fluctuate, a 15-year fixed-rate mortgage ensures your interest rate remains steady throughout the life of the loan. This predictability allows you to budget and plan for your financial future confidently.
Click & Learn
You cannot get a jumbo loan as a first-time homebuyer.
But this is not the case. Even if you are buying your first home, you can apply for a jumbo loan. And you may be successful depending on your credentials.
You will pay a higher interest rate on a jumbo loan.
DSCR loan interest rates are comparable to conforming loans.
Hard To Qualify For
Jumbo loans are hard to qualify for.
Jumbo loans are a bit more difficult to qualify for but not by very much as a credit score of 720 is fairly easy to achieve.
Buying A Modest Home
You do not need a jumbo loan if you are not buying a mansion.
It is not uncommon for regular homes to require more financing to buy than you can obtain through the use of a conforming mortgage.
Super High Loan Minimum
Jumbo loans require a super high loan minimum.
Jumbo loans don’t start at $1 million dollars. Instead, the minimum amount for a jumbo loan is anything above the conforming loan limit of $647,200.
The Advantages of a 15-Year Fixed Rate Mortgage
Faster Loan Repayment
With a 15-year mortgage, you'll own your home outright in half the time it takes with a 30-year mortgage. This means you build home equity much more quickly.
Lower Total Interest
While monthly payments on a 15-year mortgage may be higher than a 30-year mortgage, you'll pay significantly less in total interest over the life of the loan.
Interest Rate Security
Your interest rate stays constant, offering peace of mind against rising interest rates, which can be especially valuable in a changing market.
The shorter term encourages financial discipline, as you pay down your mortgage faster and accumulate less debt.
Your Path to Homeownership
A 15-year fixed-rate mortgage can be a powerful tool on your journey to homeownership in the United States. It's an option that helps you save on interest and achieve full home ownership more quickly. However, every financial situation is unique, so it's advisable to consult with a qualified mortgage professional who can guide you through the process and help determine whether a 15-year fixed-rate mortgage aligns with your goals and budget.
Remember, achieving the American Dream of homeownership is a significant milestone, and selecting the right mortgage is an essential step in making that dream a reality.
Golden State Home Loans
I offer a personalized and distinctive approach to mortgages, combining human-driven insights with technical expertise to create a perfect hybrid. My lending solutions are designed to expedite loan processing, delivering faster results while substantially reducing costs.
10076 Alta Sierra Dr.
Grass Valley, CA 95949