15-Year Fixed

Wanting to own your home faster? Buying a property well within your budget? A 15-year fixed mortgage might be right for you. 

It offers a fixed rate and set monthly payments just like the 30-year loan, but is paid in full in just 15 years. That also means your monthly payments are higher which may not be a bad thing.

The interest rate for a 15-year loan can be much lower than for a 30-year loan. While a 30-year loan is the most popular, it’s worth taking a look at a 15-year loan. The biggest advantage of a 15-year loan compared to a 30-year is that the total cost is much lower because of the double amount of time that the interest has to grow with a 30-year loan. 

If the monthly payments for a 15-year loan can be afforded, that’s often the best choice. It’s important either way, though, to really look at your finances and future financial goals in order to decide what length of mortgage loan is best for you.