15-Year Fixed Mortgage
Pocket the principal.
A fixed-rate loan, as you would expect, is a mortgage that charges a fixed interest rate for the entirety of its duration. Popular fixed-rate loans usually cover 30 or 15 years and provide the advantage of stability and predictability – you can calculate exactly how much you’ll be paying over any given time interval within the duration of your loan. If you’re looking to pay off your property faster and don’t mind making higher payments, then the 15-year fixed mortgage would likely be the best match.
The 15-year fixed-rate mortgage provides security with a consistent rate and builds equity faster.
- Lower interest rate & APR
- Unchanging monthly payment
- Requires less documentation than FHA or VA loans
- Builds equity fast
- 5% down payment
- Good credit (FICO score of 660 or higher)