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The Advantages of the 15 Year Fixed Mortgage Rate
from:There are many advantages to borrowing with a 15 year fixed mortgage rate. Securing a loan with a 15 year fixed mortgage rate is the best option for many borrowers because the amount of interest paid over the term of the loan is about half of that with a 30 year mortgage with the same fixed mortgage rate. Often the 15 year fixed mortgage rate is about a half percentage point lower than that of the 30 year mortgage rate also. The payments will be higher per month with a 15 year mortgage, but the amount of overall interest paid over the life of the loan is much lower.
If you want to know just how much money you will be saving on interest by choosing a loan with a 15 year fixed mortgage rate in comparison to a loan with a 30 year fixed mortgage rate just go online and access a mortgage interest calculator. You will see if you borrow $200,000 at a 15 year fixed mortgage rate of 5.75 percent you will be paying back less than $99,000 in interest, whereby the 30 year loan at 6.25 percent interest will come to about $240,000 paid back in interest. It makes good sense to choose a 15 year fixed mortgage rate over loan with a 30 year fixed rate.
Some borrowers prefer not to do all the work themselves, because finding the lending company with the best 15 year fixed mortgage rate can be a bit time consuming, and they hire a mortgage broker to find them the best rates. Many lending companies have their own mortgage brokers; however if you prefer to use an independent broker, he/she has a large network of lending institutions in which to negotiate with. Whether you use a broker or hunt on your own for the lowest 15 year mortgage rate, it pays to shop around on the internet before you sign on the dotted line.
The payments on a 15 year fixed rate mortgage loan can be a little steep; therefore, it pays to use a mortgage calculator to narrow down just how much house you can afford to buy. The thing to so before you are ready to buy a home is to save. Cut back on expenses and save that money in a separate account that will one day be your down payment. By offering a larger down payment you can often lock into a better interest rate, because the lender wants your business. A 20 percent down payment is a sizable down payment; the lender will use this money to secure the loan to protect them in case you default on the loan, and this keeps you from having to take out extra insurance for that purpose. If your budget can handle the larger monthly payments it will be to your advantage to choose the 15 year fixed mortgage rate loan.
Year Fixed Rate Mortgage Deals News
Mortgage rates: How low can they go? - Christian Science Monitor
 Christian Science Monitor | Mortgage rates: How low can they go? Christian Science Monitor the average rate for a 30 year fixed rate mortgage dropped to 3.33 percent since last week, while the purchase application volume increased 0.1 percent and the refinance application jumped 9.4 percent over the same period. Mortgage Rates: Low Mortgage Rates Trend Continues While Refinances Surge Mortgage Refi Applications Up 9.4% on Record Low Rates Mortgage activity rises with rates at lows |
TD, RBC end 2.99% mortgage deals early - National Post
 CBC.ca | TD, RBC end 2.99% mortgage deals early National Post Toronto-Dominion Bank, Canada's second-largest bank, raised its special four-year closed fixed rate mortgage 40 basis points to 3.39%, effective Wednesday, while also introducing a special five-year closed fixed rate mortgage at 4.04%. RBC, TD end 2.99% mortgage deals early Canadian banks call truce in easy-money mortgage battle TD Bank, Royal Bank end 2.99 per cent mortgage ahead of schedule |
L&G offers range of 5-year fixes from Cambridge BS - Mortgage Strategy
 Mortgage Introducer | L&G offers range of 5-year fixes from Cambridge BS Mortgage Strategy Martyn Smith, head of mortgage products at Legal & General, says: “We are seeing more interest in five-year deals from those looking to take a fixed rate and these exclusives have been priced very competitively by the Cambridge across the various LTV ... L&G launches five-year exclusive range |
HSH.com Weekly Mortgage Rate Radar: Record Low Streak Rolls On - San Francisco Chronicle (press release)
HSH.com Weekly Mortgage Rate Radar: Record Low Streak Rolls On San Francisco Chronicle (press release) The Weekly Mortgage Rate Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM). Average rates declined ... Record low mortgage rates roll on as 'robo' settlement nears |
N&P pull lowest ever ten-year fixed rate mortgage - MyFinances.co.uk
 FT Adviser | N&P pull lowest ever ten-year fixed rate mortgage MyFinances.co.uk The Norwich & Peterborough (N&P) Building Society has withdrawn its ten-year fixed rate mortgage after massive demand. The ten-year fixed rate deal was the lowest rate ever set for such a mortgage product at just 3.99 per cent and it proved attractive ... Ten-year fixed deal sells out in less than two weeks N&P withdraws 10-year fix at 3.99% N&P forced to withdraw 3.99% 10-year fixed |