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15-YEAR FIXED RATE MORTGAGE

15-YEAR FIXED RATE MORTGAGE

Regarding homeownership in the United States, the American Dream often involves owning a place you can call home. And for many, that dream is best realized through a mortgage. One mortgage option that has garnered attention and favor over the years is the 15-year fixed-rate mortgage.

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What is a 15-year fixed-rate mortgage?

A 15-year fixed-rate mortgage is a home loan that provides you with the security of a fixed interest rate over a 15-year term. Unlike adjustable-rate mortgages, where interest rates can fluctuate, a 15-year fixed-rate mortgage ensures your interest rate remains steady throughout the life of the loan. This predictability allows you to budget and plan for your financial future confidently.

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First-Time Homebuyer
Interest Rates
Hard To Qualify For
Buying A Modest Home
Super High Loan Minimum

First-Time Homebuyer

Risk Factor

You cannot get a jumbo loan as a first-time homebuyer.

Solution

But this is not the case. Even if you are buying your first home, you can apply for a jumbo loan. And you may be successful depending on your credentials.

Interest Rates

Risk Factor

You will pay a higher interest rate on a jumbo loan.

Solution

DSCR loan interest rates are comparable to conforming loans.

Hard To Qualify For

Risk Factor

Jumbo loans are hard to qualify for.

Solution

Jumbo loans are a bit more difficult to qualify for but not by very much as a credit score of 720 is fairly easy to achieve.

Buying A Modest Home

Risk Factor

You do not need a jumbo loan if you are not buying a mansion.

Solution

It is not uncommon for regular homes to require more financing to buy than you can obtain through the use of a conforming mortgage.

Super High Loan Minimum

Risk Factor

Jumbo loans require a super high loan minimum.

Solution

Jumbo loans don’t start at $1 million dollars. Instead, the minimum amount for a jumbo loan is anything above the conforming loan limit of $647,200.

The Advantages of a 15-Year Fixed Rate Mortgage

  1. Faster Loan Repayment
    With a 15-year mortgage, you'll own your home outright in half the time it takes with a 30-year mortgage. This means you build home equity much more quickly.
  1. Lower Total Interest
    While monthly payments on a 15-year mortgage may be higher than a 30-year mortgage, you'll pay significantly less in total interest over the life of the loan.
  1. Interest Rate Security
     Your interest rate stays constant, offering peace of mind against rising interest rates, which can be especially valuable in a changing market.
  1. Financial Discipline
     The shorter term encourages financial discipline, as you pay down your mortgage faster and accumulate less debt.

Your Path to Homeownership

A 15-year fixed-rate mortgage can be a powerful tool on your journey to homeownership in the United States. It's an option that helps you save on interest and achieve full home ownership more quickly. However, every financial situation is unique, so it's advisable to consult with a qualified mortgage professional who can guide you through the process and help determine whether a 15-year fixed-rate mortgage aligns with your goals and budget.

Remember, achieving the American Dream of homeownership is a significant milestone, and selecting the right mortgage is an essential step in making that dream a reality.

Hero Mortgage

We bring a customized, unique approach to mortgages. Our lending solutions use the perfect hybrid of human-driven insights and technical prowess to process loans faster and significantly reduce costs.

PHONE

(479) 250-4485

E-MAIL

info@heromortgage.com

ADDRESS

609 SW 8th Street, Suite 600
Bentonville, AR 72712

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Disclosure:
The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans may be arranged through third party providers.
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