{"id":1183,"date":"2016-04-19T18:21:02","date_gmt":"2016-04-19T18:21:02","guid":{"rendered":"http:\/\/maximumlending.com\/new\/?page_id=1183"},"modified":"2022-02-12T21:28:38","modified_gmt":"2022-02-12T21:28:38","slug":"15-year-fixed-rate-mortgages","status":"publish","type":"page","link":"https:\/\/maximumlending.com\/15-year-fixed-rate-mortgages\/","title":{"rendered":"15 Year Fixed Rate Mortgages"},"content":{"rendered":"\t\t
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15 Year Fixed Rate Mortgages<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\tApply Now<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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Maximum Lending\u2019s 15-year fixed-rate mortgage gives home buyers the opportunity to save a considerable amount of money on the total interest paid over the duration of the loan compared to a 30-year fixed-rate mortgage. This loan option also allows homeowners to build equity much faster than a 30-year fixed-rate. One of the most attractive advantages to a 15-year fixed-rate is that there is no fear of \u201cpayment shock;\u201d the loan\u2019s interest rate and payment will always remain the same.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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What Are the Benefits of a 15-Year Fixed-Rate Mortgage?

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The 15-year fixed-rate mortgage is perfect for first-time home buyers, move-up home buyers, and anyone who\u2019s looking to refinance their existing mortgage. This mortgage option is available as a conventional, FHA, and VA loan. With a 15-year fixed-rate homeowners can enjoy benefits such as:<\/p>

Interest Rates:<\/strong>\u00a0A 15-year fixed-rate will accrue less interest than a 30-year fixed-rate mortgage simply because you\u2019ll be paying the loan in half the time. This will save you a considerable amount of money on the total interest paid over the loan\u2019s duration.<\/p>

Monthly Payments:<\/strong>\u00a0A 15-year fixed-rate allows you increased peace-of-mind knowing your mortgage payments will never increase over the duration of the loan. It is, however, important to note that your payments will be higher than 30-year fixed-rate payments.<\/p>

Building Equity:<\/strong>\u00a0The faster you pay off your mortgage, the quicker you build equity. High equity may allow you to refinance your home in order to take out a home equity line of credit, make home improvements, or buy your vacation home.<\/p>

Planning for Your Future:<\/strong>\u00a0If you want your home paid off before you begin paying college tuition, or you\u2019re entertaining the idea of early retirement, a 15-year fixed-rate mortgage might be the choice for you.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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How Does a 15-Year Fixed-Rate Mortgage Compare to a 30-Year Fixed-Rate Mortgage?<\/h3>
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Other than the length of the loan, a 15-year fixed-rate mortgage comes with lower interest rates, and lower total interest paid over the life of the loan. Homeowners, however, can expect their monthly payments to be significantly higher than a 30-year fixed-rate because the time is cut in half. A 30-year fixed-rate mortgage offers lower, more affordable monthly payments, but you\u2019ll end up paying more in interest. Use our mortgage calculator to compare both mortgage options.<\/p>

If a 15-year fixed-rate mortgage sounds like the right fit for you, contact Maximum Lending at (949) 342-0610, or\u00a0info@maximumlending.com<\/a>.<\/p>

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