15 Year Mortgage & Home Loan Rate Information in Denver

15 Year Mortgage & Home Loan Rate Information in Denver

One of the less common mortgage term lengths we offer at US Mortgages in Denver, 15 Year Home Mortgage Loans have terrific benefits but are unlikely to be a plausible option for many hopeful homebuyers. Learn more about who is Denver's eligibility and the function of 15 Year Home Loans in mortgage rates and refinancing below.

What are the benefits and drawbacks of 15 Year mortgage term loans?

In Denver, a 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 home loan also frees up cash flow later, such as 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 mortgage 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 Denver mortgage before retirement? Can your Denver household budget afford a larger monthly 15 Year mortgage rate payment? You can use our Loan Calculator </home-loan-mortgage-resources/mortgage-payment-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 within the Denver area to get started understanding your options regarding a 15 Year loan today. You can also reach out to us online to learn more.

Pre-Qualify In Minutes, With No Impact To Your Credit Score

With just some basic information, you are on your way to your new Home. In most cases, our agents will call you in a few minutes to get things started. In some rare events it could be up to 24 hours. We always try to call between 8am and 5pm MST, so we don’t disturb you after hours. If you would prefer we did call outside those ours, please just add in a note and we will be happy to oblige.

Why should I get pre approved for my home loan or refinancing?

Home loan pre approval in Denver simplifies the loan process. Preapproval allows a lender to see a full 360 degree view of the borrower's financial situation, enabling us to advise borrowers on all home loan considerations. This helps us identify which loan we offer is the best fit for the borrower. Prequalification allows borrowers to pursue the loan that's best for them and their financial situation.

How can I get ready for home loan prequalification in Denver?

Excellent question! A great place to start is by understanding what lenders look at. For the most part, lenders look at 4 things. The first is your FICO credit score which includes your payment history, credit utilization and the length of your credit history. The second is your income with respect to your monthly housing costs. The third is the number of current loans you have and their status. The fourth and final thing lenders consider is the percentage of the cost of the home you're looking to purchase that you can put as a down payment. Get ready for prequalification by understanding your status in these areas and identifying what you can do to improve them before buying a home.

About US Mortgages

US Mortgages has been securing mortgage pre approval in Denver for over 20 years. Let us know how to reach out to you, or give us a call today.

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Pre-qualification means one of our mortgage specialists will contact you. This does not represent an offer to enter into a loan agreement. Loans subject to credit and property approval. Normal credit qualifications and other terms and conditions apply. Not all loan products or terms are available in all states.