Save Big with Low 15-Year Fixed Rates in Virginia
If you’re looking to save thousands in interest expense and you want to own your home quicker versus a 30 year fixed rate mortgage, a 15 year fixed rate mortgage could be good for you. Lower rates and a shorter term makes this loan a great choice for the financially savvy customer.
There are some drawbacks however. Although the interest rate is lower, the payment is much higher compared to the 30-year fixed rate and your locked into that payment every month. Additionally, your mortgage interest deduction declines substantially over the term of the loan meaning although you save more in interest you will pay more taxes! So you really need to look at the big picture and make sure this loan is right for you.
15 Year Fixed Rate Mortgage Payments/How it Works
- Your monthly payment is based on the loan amount and the interest rate amortized over 15 years
- Your payment is fixed and will not change throughout the duration of the loan
- There is no penalty to pre-pay your mortgage
Qualification Requirements for a 15 Year Fixed Rate Mortgage
- Refinance up to 95% of your primary home’s value
- Buy a home with as little as 5% down, primary residences only
Have questions? Give us a call! Or submit a quick quote and one of our mortgage specialists would be happy to answer all of your questions and get you started with a great low rate today!
- We put YOU first. We are committed to getting every client the best possible deal every single time on their 15 yr fixed rate loan
- 1st Nations Mortgage offers some of the most competitive 15 year mortgage rates in the Nation!
- Fast and efficient, we close most of our loans in 30 days or less
- As a mortgage broker, we work with both conventional and non-conventional loans to get you the mortgage that meets your unique needs.