In a 15-year fixed rate mortgage scenario, the loan accumulates interest over a shorter amount of time, leaving the recipient with an overall lower amount of money spent toward interest when the loan period ends. While this is an excellent way to increase your equity in your home quicker, it might not be feasible for every individual financial situation. The experts at HMS Capital can help you learn more about whether a 15-year fixed rate mortgage will be beneficial for you.
Another added bonus of a 15-year fixed rate loan is that you can look forward to the security and predictability of a fixed monthly payment and fixed interest rate that never fluctuates. The stability of a fixed rate loan is a highly attractive factor for potential homebuyers, as it’s easier to determine the financial comfortability long-term based on one’s income.
*Rates subject to change without notice
As previously mentioned, 15-year fixed rate mortgages are one of the shortest loan periods available to homebuyers. By steadily paying down your mortgage, after only 15 years you will have paid off your house entirely! This ultimate financial freedom is what many Americans hope for in their lifetime, and a 15-year loan could be right for you. Investing in a home can be taxing—allow HMS Capital to help.