Sonoma County Mortgages

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now
  • 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
  • Scott Sheldon
    • Scott Sheldon
      Senior Loan Officer
      NMLS ID# 287389
      Direct: 707 217-4000
      Scott.Sheldon@nafinc.com
      Specializing in Residential Home Loans for Primary Residences, Second Homes, Investment Properties, Single Family Homes, Condos, PUDs, 1-4 Units.

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.

 

 

 

 

 

 

 

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

SCM on Facebook

SonomaCountyMortgages.com

Location & Contact

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
1450 Neotomas Ave Suite 115
Santa Rosa, CA 95405
1-707-217-4000
Email Us!

Copyright 2019 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.

State Licensing | Privacy | Terms of Use | Electronic Consent Agreement

Connect With Scott In Your Inbox

Looking for a home? Real estate insider? Get connected with Senior Loan Officer Scott Sheldon. Scott stays updated on the latest in the mortgage industry, so you can stay updated with him!