The 15 Year Fixed Mortgage

With interest rates dipping down, the 15-year mortgage is a popular product this month, as many homeowners look for ways to pay off their home loans sooner. It’s also a desirable type of loan when it comes to refinancing.

While many people are taking advantage of today’s low rates to refinance and save money on their monthly payments over the life of their 30-year mortgages, other homeowners with a longer-term view will save thousands by converting from 30-year mortgages to 15-year mortgages. Indeed, in our proprietary survey, we’ve found that 25% of homeowners who are considering refinancing, are looking at 15-year fixed mortgages.

With little or a slight increase in the monthly payment, a homeowner who switches to a 15-year mortgage from a 30-year loan could shave thousands off of their payments in the long-run and would own their home "free and clear" 14 years earlier.

In the mortgage profession, we refer to this as "changing your amortization schedule" which basically means switching from paying off your mortgage over a period of 30 years to a 15-year term.

To determine whether switching from a 30-year to a 15-year fixed rate mortgage is the best option for you, use the calculators on our Web site, or contact one of our mortgage professionals at: 877-684-4826 and ask them for a free "break-even analysis". Our loan officers will compare your existing mortgage with the rates available today and help you determine how much money you can save by refinancing now.

To spurn the economy, the FED dropped interest rates, AGAIN! This means that, if you have thought about getting a mortgage, refinance, or debt consolidation loan, NOW IS THE TIME! here's a simple example: If you have a loan at %9.0 interest on $150,000 for 30 years, your payments are: Monthly Payments: $1,206.93 per month Total payments: $ 434,501.61 Total finance charge: $ 284,501.61 Whereas if you have a loan at %6.9 interest on $150,000 for 30 years, your payments are: Monthly Payments: $987.90 per month Total payments: $355,643.98 Total finance charge: $205,643.98 That's a savings of $219.03 per month and $78,857.63! We've found an online application that will take you through three pages of questions, and shop your information to lenders who will "compete" for your business. this means that YOU get the best deal available, regardless of your credit situation.