15 Year Mortgage & Home Loan Rate Information
One of the less common mortgage term lengths we offer at US Mortgages, 15 Year Home Mortgages, have terrific benefits but are unlikely to be a plausible option for many hopeful homebuyers. Learn more about who is eligibility and the function of 15 Year Home Loans in mortgage rates and refinancing below.
What are the benefits and drawbacks of 15 Year home loans?
In Colorado, 15 Year home mortgage term loans have significantly less interest than 30 Year mortgage term loans. By borrowing the money for half as long, the homeowner ends up paying far less than half the amount of money as interest as opposed to a more traditional 30 Year loan. As a shorter-term loan, it is available at lower interest rates – up to an entire percentage point less than a 30 Year mortgage.
Paying off the 15 Year loan on your home also frees up cash flow later, such as during retirement, when income will be lower than while working. The disadvantage is that the larger size of the payments offers less flexibility, which may be problematic if your financial situation were to ever change.
With the dual effect of lower interest rates, and faster amortization, there are many advantages of a 15 Year loan for those families whose budget can afford it. If you have a steady income, see if you qualify for a 15-year mortgage- shave years off your loan, keep more of your money, and take years of stress over mortgage payments off your shoulders.
Who is eligible for a 15 Year Loan?
Do you have steady and predictable income? Do you want to pay off your 15 Year mortgage before retirement? Can your household budget afford a larger monthly 15 Year mortgage rate payment? You can use our Loan Calculator to find out, then give us a call!
How can US Mortgages help you and your family with a 15 Year Loan?
A 15 Year loan can be an excellent option that can save you and your family thousands of dollars over the term of your mortgage. Call US Mortgages to learn more about current 15-year mortgage rates. You can also reach out to us online!