Today’s home buyer has a wide range of loan offers to consider. Each one comes with unique interest rates, terms, and features. It is up to a home buyer to choose the right loan for their unique situation, and it helps to know what your monthly budget is and what loan options are available to you as a borrower. Specifically, take a look at the length of the loan and the implication in interest rates. What can you expect from 15-year mortgage interest rates?
What Does the Term Matter?
When choosing from the many options you have with loans today, the term, or the length of the loan is one of the most important components. Your goal should be to pay off the loan as quickly as possible, but it is also important to ensure your monthly mortgage payments are affordable to you. Finding the balance means comparing options. When it comes to 15-year mortgage interest rates, you can expect to pay less for a 15-year loan than you would for a 30-year loan in interest and in overall cost to borrow the money.
However, these loans require a higher monthly payment. This may make it a bit harder to make your monthly payment if you are unsure you can afford the higher rate. These interest rates are typically lower because they are less risky overall to the lender. Still, you can get even lower rates with a 15-year mortgage through an FHA loan or a VA loan.
Take the time to consider each one of your options. Compare 15-year mortgage interest rates based on the features you need and the monthly payment. Compare it to a 20 or a 30-year loan. And, compare various lenders, too.
When looking for the best 15-year mortgage interest rates, go to Guaranteed Rate. See the options at webiste
