A homebuyers guide to 15 year fixed interest rate mortgages

by Carolyn Kay 03/24/2024

A homebuyers guide to 15 year fixed interest rate mortgages featured image

As you journey into homeownership you may be curious about a 15-year fixed mortgage as it’s one of the more common fixed rates seen on the real estate market.

Before signing any mortgage loan contracts, consider some of the key aspects connected with a 15-year mortgage loan.

15-year fixed mortgage rates

At a standard rate, 15-year mortgage loans are popular due to their lower interest amounts in comparison to longer loan terms. This means higher monthly payments, with less money going towards interest over the lifespan of the loan, saving homeowners thousands of dollars.

If you decide to go with this loan option, the interest rate is fixed meaning your monthly payments won’t be subject to change from start to finish of the loan term which offers stability.

Finding the best 15-year mortgage rates & lenders

As the real estate market ebbs and flows because of economic factors, the average interest rate has changed a great deal over the years. This is why it’s vital to shop around with different lenders to determine the best loan option for you.

You can find a comprehensive list of the best mortgage lenders and their average interest rates online which can aid in narrowing down your mortgage loan option.

Also consider reading reviews to determine if they communicate well with their customers and if they offer great support.

Purchasing a home requires a hefty financial commitment, so it’s good to keep your mortgage options open. If you’re interested in a 15-year mortgage loan, consider speaking with a local lender in person to get an idea of loan conditions and what you’ll need to do to qualify.

15 Year Mortgage

Terms

Fixed Rate Mortgage

About the Author

Carolyn Kay

As a Real Estate professional, I specialize in helping my clients buy, rent or sell properties in Westchester County. I am passionate, dedicated and committed to my clients and my first priority is to provide them with first class service and guidance throughout the entire process. It has been said that I go above and beyond for my clients to get the deal closed! I have experience working with clients who have financed their purchases with either a conventional, VA or FHA loan and have a good understanding of how they work; no sale is too big or too small for me to take on. My family and I relocated to England for 2 ½ years, this was a wonderful experience but at the same time, it was overwhelming. I have first hand knowledge of the challenges as well as the positives in discovering a new community. I was born and raised in Scarsdale and once married, my husband and I decided to raise our two daughters here. Both of our daughters successfully graduated from the Scarsdale schools and are both married, living and working in Manhattan. After living in the same house for 30 years my husband and I took the leap, sold our home and bought and renovated a condo townhouse in another town. Once again we are discovering a new community and fully understand the highs and lows of selling a home we loved and buying and making a new home. I feel that my personal real estate experiences have made me more in tune with my client’s needs and therefore better able to help them navigate through the complex process. Please call me so that I can put my knowledge and experience to work for you.