Is a 15 Year Home Loan Right for You?

Looking for the stability of a fixed rate mortgage but do not want to pay the interest associated with a 30 year mortgage? Fifteen year fixed rate financing offer consumers a fixed rateĀ  solution with the ability to pay off a mortgage in half the time than it takes with a fully amortizing 30 year loan. While 15 year mortgage rates are typically lower than 30 year mortgage rates, monthly payment are usually considerably higher due to the fact that the loan repayment is so much shorter. But, if you can afford the higher payments, you will likely save thousands, if not tens of thousands, of dollars over the life of the loan.

To find current 15 yr interest rates on this site, go to the survey located at the bottom of the page and choose”15 yr Fixed” from the All Loan Types dropdown box. Please be aware that the 15 year pricing listed in the survey is for a certain set of criteria and are not available for all scenarios. To determine if you qualify for the rates and fees posted, be sure to speak with a loan professional at the various companies listed. If you ever feel that a company is being dishonest for any reason, please call 910-547-6910 and let us know. We will forward your concern to Bankrate.com who is the company that compiles the data used in the survey.

Scale symbolizing weighing the upside and downside of financing a home with a 15 year mortgage.

Weigh the pros and cons of financing your next home with a fifteen year loan.

Possible Reasons to Consider a 15 Year Fixed Rate Mortgage

  • Fixed principal and interest payment.
  • Simplifies the home budgeting process.
  • Offers downside protection in rising rate environment.
  • Allows the gradual pay down of principal.
  • Less interest owed over the life of the loan when compared with a 30 year home loan.

Other Providers Offering Fixed Rate Solutions:

AFR Mortgage offers fixed rate mortgag eprograms for most types of residential properties including single family homes, multi family properties, manufactured homes, townhouses, and condominiums. They offer home loans for conforming loans and jumbo mortgages. To reach an American Financial Resources loan consultant, call toll-free 800-316-9508. NMLS#2826

American Bank has competitive interest rates for conventional and a variety of government back, low money down mortgage programs including FHA loans and VA mortgages. To request current interest rates, complete the Rate Quote Form or the Pre-Qual Form on their web site or call 877-215-2290.