15-Year Fixed Loan
Highlights of a 15-Year Fixed Loan
- Are you interested in paying off your mortgage faster?
- Want to save on the interest over the life of your loan?
- Looking for the security of a rate and payment that does not change?
If so, then you may benefit from a 15-year fixed-rate mortgage from Intelliloan. A shorter loan term and a lower mortgage rate means an overall lower monthly payment which can often be the ideal loan option for the financially savvy homeowner.
- You can refinance up to 97% of the value of your primary home
- You can buy your first home with a down payment as low as 3%
- Loan amounts can range between $25,000 and $3,000,000
How it Works?
- Payments are based on the principal loan amount, interest rate, and amortized interest over the life of the loan.
- Monthly mortgage payments will never change through the life of the loan.
- Rates are dependent on each individuals situation and the current market interest rates
- You can typically pay your mortgage faster without prepayment penalties
Intelliloan has helped thousands of Americans refinance or buy homes with the right mortgage options according to their personal needs. Our dedicated Home Loan Specialists are available to answer your questions about a 15-year fixed-rate mortgage loan and will assist you throughout the entire loan process.
Although a 30-year fixed-rate mortgage has remained a popular loan option for homeowners, many buyers are now choosing a 15-year fixed loan.
Your mortgage interest is calculated on your outstanding loan balance. Therefore, the faster you pay off the principal amount of the loan the less you will spend on interest every month. This can becomes an big advantage with a 15-year loan as compared to a 30-year loan.
You will repay a 15-year mortgage in half the time compared to a 30-year loan. Clearly, you stand to save thousands in terms of overall interest costs. These are real savings, which you can use for other useful purposes.
Which Should You Choose? 15 or 30-Year Fixed Loan?
If you are able to pay more principal every month compared to what you would with a 30-year loan, a 15-year fixed rate loan will save you a bundle on interest payments through the life of your loan.
It is also possible to choose a 30-year fixed loan and treat it as if it were a 15-year fixed-rate mortgage and consider to pay twice the minimum amount every month. This additional amount will go toward reducing your principal. With this strategy, you can have the flexibility to pay less when money gets tight and pay more when you have extra money to put into your home.
Call an Intelliloan Home Loan Specialist Now!
If you are weighing your options between a 15-year and 30-year fixed rate mortgage, speak to our Home Loan Specialist to help guide you to find the right option for you. Call us now at (800)-470-7750, or fill out this brief online form.