Looking for a 15 Year Mortgage?
If you are ready to own a house of your own, maybe it is time you start looking into mortgage rates.
It is one of the best times in history to decide to invest in a property and set loan terms that will result in owning your own property.
I Want My Free 15-Year Mortgage Fixed Rate Quote
How a Mortgage Works
Your mortgage payment consists of two parts: the principle and the interest portion. The term "principal" refers to the loan amount.
A borrower's interest is a fee (charged as a percentage of the principal) that lenders charge you for the benefit of being able to borrow money over time.
You pay your mortgage in monthly installments according to an amortization plan determined by your lender over the life of your loan.
Michigan Mortgage Rates
15-year fixed rate loan benefits
Today's mortgage rates are very competitive. A 15-year fixed rate mortgage, with a lower interest rate and larger payment sum, makes for faster equity since you pay down the principal amount quickly. That is why some people prefer these loan terms to 30-year mortgage options.
Because a 15-year mortgage is paid in half the time, you won't be paying interest for 15 years, which translates to significant savings.
15-Year Mortgage Loan Rate
Because you pay down the principal balance faster through monthly payments with a 15-year fixed-rate mortgage, it accrues home equity more quickly.
The length of your mortgage and whether you want to pay off your loan faster or later are important factors to consider when looking into a loan amount.
Refinancing Your Mortgage to 15-Year
Each state has its own average mortgage rates. So we advise you to contact one of our loan officers, who can give you a rate based on your current situation.
Plus, we partner with the best professionals in your city and can help you find the best realtors, the best insurance agents for your mortgage insurance, and many other mortgage resources in which we are experts.
If you're halfway through a 30-year mortgage, refinancing into a 15-year loan may help you save money on interest while still meeting the schedule.
The Bally Team is an expert in helping clients meet a great monthly payment for their property value.
How Much Can You Afford?
Borrowers contemplating 15-year loans should think about whether they can afford the monthly payments, as they will be greater than those on a 30-year or 20-year loan since you are paying off the debt faster.We’ve provided a calculator that can provide you with projected payment numbers based on the numbers you input.
It's critical to figure out whether you have adequate savings set aside and room in your budget for the higher payments alongside your other monthly charges.
If you want to save money on your home loan and can afford the higher monthly mortgage payments, 15-year loans are for you.
Because these loans have lower interest rates, they tend to have higher costs. Government-sponsored agencies like Fannie Mae frequently make loan-level price adjustments, pushing up the cost of a 30-year mortgage.
We Can Help You Get 15-Year Loan Products
For borrowers with variable earnings or irregular income sources, a 15-year mortgage makes sense if there is a feasible strategy in place.
Borrowers must consider the fact that they may not be able to make enough money in any one month to cover their monthly obligations.
Having a plan in place, such as having greater savings, can ensure borrowers can make on-time payments and avoid putting their property at risk.
Calculate your mortgage monthly payment
Your monthly mortgage payment will depend on several factors, amongst them:
Loan interest rate
Remember your home loan interest depends on how good your credit score is. Contact The Bally Team today so we can help you!
15-Year Mortgage Payments
A 15-year mortgage may save you money over time and allow you to own your home sooner if you can sustain the higher payments and are not worried about job loss.
Call The Bally Team today! We will make you our number one priority!