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    • 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.

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15 Year Fixed Rate Mortgages Are HOT!

September 16, 2011 by Scott Sheldon

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Fixed-rate mortgages are quite competitive right now, many are seeking 15 year fixed-rate mortgages. You can actually can obtain a 15 year fixed-rate mortgage loan under 4%. Homeowners looking to benefit from mortgage financing tend to look at 30 year mortgages as the benchmark home loan to take out.

Consider a 15 year fixed-rate mortgage for 2 reasons.

Reason # 1- You automatically slash your mortgage in half
Reason # 2- You automatically accelerate interest savings

The payments are not that much higher than a 30 year fixed relative to the interest rate. For example on a $150,000 15 year fixed home loan today at a rate of 3.5% the monthly payment is $1072.32.

That’s cheap money.

If you are in a 30 year fixed-rate mortgage right now, and you took out a mortgage years ago your interest rate is likely 5% or higher. If your original loan amount was $200,000 at 5% the monthly payment on that is $1073.64 per month. Put another way, you could have a 15 year payment with a lower interest rate for the same payment you have on a 30 year mortgage, moreover the loan would be paid off in 15 years instead 30 years!

How’s that for mortgage interest savings? Pretty substantial right?

A 15 year fixed-rate mortgage is a smart choice for consumers looking to be “mortgage-free” in 180 months.

The 15 year fixed-rate mortgage does have a higher monthly payment, almost double that of the 30 year fixed. However, you are also on an accelerated amortization schedule and right out of the gate your principal balance starts dropping…. FAST!

So while the monthly payment is higher, the long-term benefit is savings hundreds of thousands of dollars of mortgage interest saved over the life of the loan.

If you’re in the market for a new mortgage loan, consider a 15 year fixed-rate mortgage. The 15 year fixed-rate mortgage loan will allow you to own your home much..much sooner. Call A mortgage lender today, let them do the math and you will see why 15 year fixed-rate mortgages are red-hot.

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Filed Under: Invesment Properties/Second Homes, Loan Programs

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