Why would I want a Fifteen (15) Year Fixed Rate Mortgage
A Fifteen (15) Year Fixed Rate Mortgage will offer you the same benefits that any fixed rate mortgage would. You will pay the same interest rate throughout your entire term, which is wonderful if you get your mortgage while interest rates are low. The Fifteen (15) Year portion of this mortgage simply refers to your term. You would make monthly payments over fifteen years to pay off your mortgage.
What can I use a Fifteen (15) Year Fixed Rate Mortgage for, and what are my options
A Fifteen (15) Year Fixed Rate Mortgage is wonderful because of its predictability. Each payment you make on your mortgage will be exactly the same amount, which may help you budget the rest of your money. However, if a fifteen (15) year term is not right for you, you can also get a ten (10), twenty (20), twenty-five (25), thirty (30), or forty (40) year term.
Why should I get a Fifteen (15) Year Fixed Rate Mortgage
Although it is not the shortest term you can get for a Fixed Rate Mortgage, fifteen years is definitely on the short side. If you can afford to pay higher monthly payments, you may want to consider this mortgage because you will own your home out right in fifteen (15) years, you will build equity more quickly, and in the end you will pay less on interest.
How can I get a Fifteen Year Fixed Rate Mortgage
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How can my FICO/Credit Score affect my mortgage rate
Your Credit score is a determining factor for your mortgage rate. If your score is between 720 and 850, you are A-Paper, which means you have good credit. If you score below 660, you will have trouble finding a lender even though the official cutoff score for Sub-Prime or Non-Prime lending is 620.
Q: Why will a shorter term for a Fixed Rate Mortgage help me build equity more quickly?
A: In the beginning of a term for any fixed rate mortgage, you are paying mostly on the interest portion of your loan. As the interest portion is paid off, you start putting more money towards the principal, or the price of house itself. The more you pay on the principal, the more equity you have, and the shorter the term, the shorter amount of time you will have until you get to pay on your principal.
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