15 Year Fixed Mortgage

What is a 15-year fixed mortgage?

A 15-year fixed mortgage is a loan whose interest rate stays the same for the duration of the loan. For example, on a 15-year mortgage of $300,000 with an interest rate of 5.75%, the monthly payments would be about $3,097.90. So, the interest rate of 5.75% stays the same for the life of the loan.

Who should get 15-year fixed mortgages?

People who desire a predictable, fixed deduction from their monthly budget, want a shorter loan term, and can tolerate a higher monthly payment are well-suited for 15-year fixed mortgages.

What are the advantages and disadvantages of 15-year fixed mortgages?

The pros of a 15-year fixed mortgage: it's a predictable monthly payment; the paydown on a 15-year fixed is half the time of a 30-year fixed; the rates are usually lower than a 30-year fixed mortgage; and it's relatively simple and maintenance-free once you lock the rate (you don't need to worry about rate fluctuation).

The cons of a 15-year fixed mortgage: monthly payments are quite higher than a 30-year fixed mortgage, therefore making these loans more difficult to qualify for, and the mortgage tax deduction on a 15-year fixed is less than a 30-year fixed.

Center State Mortgage is your #1 source for 15-year fixed rate mortgages! Center State Mortgage works hard to help you get the home loan that is right for you and that helps you get that home! Choose Center State Mortgage for all your home loan needs in Straten Island and New Hampshire!