Benefits of a 15-Year Fixed Mortgage
– A 15-year fixed mortgage generally offers lower rates than it’s 30-year sibling.
– The cost of a 15-year mortgage is cheaper overall than a comparable 30-year, as you’ll pay less in interest over the life of the loan.
– The interest rate remains “fixed” for the life of the loan.
– While the ratio of principal and interest will vary slightly from month to month, the total amount of your monthly payment remains the same through the life of your loan.
– Offers the benefit of predictability as your monthly payment doesn’t change.