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15 Years Fixed Mortgage Plan

15 Years Fixed Mortgage Plan

Fixed rate mortgages make you aware of the monthly interest and payment. They can be obtained for several periods. A 15 year fixed mortgage plan enables you to pay your loan at a reduced rate. It gives you the benefit of an unaltered rate and fixed pay. This loan is popular due to its short term and lower rate of interest.

Plan with a Steady Rate

If you are interested in paying a low rate of interest through the entire term of your loan that too for a short period then you can opt for a 15 year fixed mortgage plan. It gives you the surety of a steady unswerving rate. The best part of this kind of mortgage is that the mortgage can be paid off fast. The shorter your loan term is you get to pay an interest which is less on the totality.

A refinance of 95% is available on the value of a primary home. You only get to pay a nominal 5% down when buying a home. A 15 year fixed mortgage plan is based on the payments calculated on the basis of the rate of interest that are to be paid every month. It also works on the principal amount of the loan and the interest to be paid for a 15 year period. During the time of your application the rate of interest and your situation will determine your payment. In a 15 year fixed mortgage plan you also get the advantage of not paying any pre-payment costs for an early mortgage pay-off.

A Short Term Plan

People who would opt for a loan which is predictable and does not comes with a surprise cost should go for this loan. Fixed payment is always preferred over pays that can fluctuate. The monthly budget is also easy to the pocket for them to handle as a fixed amount is being deduced from it. The main benefit of it is that the loan is a short term one. One the rate is being decided you do not have to worry about fluctuation in rate. So those who can shoulder a comparatively higher payment each month can make the 15 year fixed mortgage plan his choice.

15 Year Fixed Plan vs 30 Year Fixed Plan

The down payment on a fixed 15 year mortgage plan is half of a 30 year fixed loan. It has a comparatively low rate than a 30 year fixed home mortgage. Your mortgage can be paid off much early relieving you from the burden of carrying on a mortgage for years. Although there are disadvantages of a 15 year fixed mortgage plan over a 30 year fixed rate. The monthly payments here are high than a fixed mortgage of 30 years. Therefore to qualify for this kind of loan becomes a little difficult. The tax deduction on a mortgage of 15 year fixed is lesser compared to a 30 year fixed. Guidance from experts in this field will help you decide the best for you.

If you want to switch to another loan with a low mortgage rate then you may consider taking a mortgage refinance loan. In this program the current mortgage is being paid off and a new one begins. The lower rate on mortgage is possible when you have made an improvement on credit ratings or the market faces a change in its situation.

There are several home mortgage loans in offer .To choose the best always a comparison of home mortgage loan rate is recommended.

Know and Compare for the Best

California mortgage loans gives you loan programs that you can trust would be best suited for your purpose. They generally give you the excellent rates and good terms. Still with variety of options from lenders from California mortgage loans you have to think meticulously before you decide.

Best mortgage loans are those that have an attractive rate of interest and lower fees. A thorough comparison of different mortgage loan rate by individual lenders helps you seize the best mortgage loan.


Related Topics:

Custom Mortgage Loans

Adjustable Rate Mortgage Loans

30 Year Fixed Mortgage Plan

FHA Loans

VA Loans

Mortgage Rates

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