• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

15 Year Fixed Rate Mortgages

15 year fixed-rate mortgages enable you to pay off the mortgage loan in half the amount of time. Unlike a longer-term loan, the 15 year fixed-rate mortgage cuts your amortization schedule in half. This allows you to pay off the loan in exactly 15 years by making the principal and interest mortgage payment. As with other fixed-rate mortgages, you are free to make any payment above and beyond your schedule principal and interest mortgage payment. In fact doing so, will allow you to pay off the loan under the scheduled term. The 15 year fixed-rate mortgage has some tighter loan qualifying restrictions, but otherwise puts you on the path to becoming mortgage free sooner.

15 Year Fixed Rate Mortgage Benefits:

  • Can you handle a higher mortgage payment knowing that you will be mortgage free in half the amount of time?
  • Do you plan to keep your home forever?
  • Do you like the idea of having a fixed rate mortgage for a short period of time?

Then consider a 15 year fixed rate mortgage. 15 year fixed rate mortgages are amortized over a 180 month term and allow you to radically reduce mortgage interest expense. The main benefit of a 15 year fixed rate mortgage is that the mortgage is significantly less costly than its longer-term counterparts. Learn why the 15 year fixed rates are the lowest in US history.

15 Year Fixed Rate Mortgage Highlights:

  • Purchase at home with as little as 3.5% down
  • Refinance up to 95% of the value of your home
  • Lowest fixed rates available in the marketplace
  • Loan amounts from $50,000-$2 million
  • Amortization schedule cut in half

How 15 Year Fixed Rate Mortgages Work:

  • Monthly mortgage payment is based on principal and interest and amortized over the life of the loan, 180 months
  • Monthly mortgage payment is higher because the loan is being paid off in half the amount of time
  • Mortgage payment remains the exact same for the 180 month term
  • No prepayment penalty
  • No restrictions on making extra principal payment reductions

If you despise debt and want to reduce the amount of of interest you’ll pay when securing a mortgage loan, the 15 year fixed-rate mortgage is a good choice. We advocate  before taking out the 15 year fixed-rate mortgage, consider the higher monthly payment you’ll be obligated to make. You can always make a 15 year mortgage payment on a longer term loan.

Start by getting qualified for a 15 year mortgage loan today. Find a 15 year mortgage rate quote for your purchase or refinance loan scenario. There is no obligation and mortgage rates are quite low. Getting a 15 year fixed-rate mortgage will help you become debt free sooner.

 

 

 

 

 

 

 

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window