What are 15 year Mortgage Rates15 years mortgage interest?
The best 15-year fixed mortgage rates
A 15-year mortgage is an appealing options for purchasing or re-financing a home, but you may need a little help to find the best 15-year mortgage rate fix. Interest rates on home mortgages differ from borrower to borrower and are influenced by factors such as closure charges, points and other conditions of the mortgage.
Mortgage advisors are fully educated and experienced in facilitating the mortgage lending lifecycle and help our clients benchmark different kinds of home loan to ensure that the mortgage they select best suits their particular circumstances and objectives. Our 15-year mortgage rate and refinancing rate offering covers a wide range of mortgage programmes, encompassing traditional lending, junbo lending and government-backed mortgage lending.
15- vs. 30-year mortgage
Like the name suggests, the interest rates for a fixed-rate mortgage are determined at the moment the mortgage is concluded and remain unchanged over the term of the mortgage. Even the montly pay levels remain the same. It can be comforting to know what your disbursement will be. Every month's instalment consists of interest and capital, with interest being the primary component at the beginning of the year and capital being the primary component at the end of the mortgage.
Advantage of the 15-year mortgage is that after 15 years you have disbursed the mortgage and own your house free and clear. They will also be paying less interest over the term of the mortgage. Disadvantage is that your montly payment will be higher.
If you are purchasing a mortgage, make sure you take the interest rates and maturity into account. A 15-year mortgage interest may be slightly lower than a 30-year mortgage interest even from the same mortgage-holder. The choice of maturity of a mortgage is usually a feature of what levels of your fixed interest mortgage payment you can afford, how afraid you are to repay the whole mortgage and any interest differential with the various conditions.