| re many advantages to borrowing with a 15 year fixed | | | | consuming, and they hire a mortgage broker to find |
| mortgage rate. Securing a loan with a 15 year fixed | | | | them the best rates. Many lending companies have |
| mortgage rate is the best option for many borrowers | | | | their own mortgage brokers; however if you prefer to |
| because the amount of interest paid over the term of | | | | use an independent broker, he/she has a large |
| the loan is about half of that with a 30 year mortgage | | | | network of lending institutions in which to negotiate |
| with the same fixed mortgage rate. Often the 15 year | | | | with. Whether you use a broker or hunt on your own |
| fixed mortgage rate is about a half percentage point | | | | for the lowest 15 year mortgage rate, it pays to shop |
| lower than that of the 30 year mortgage rate also. | | | | around on the internet before you sign on the dotted |
| The payments will be higher per month with a 15 year | | | | line. |
| mortgage, but the amount of overall interest paid over | | | | The payments on a 15 year fixed rate mortgage loan |
| the life of the loan is much lower. | | | | can be a little steep; therefore, it pays to use a |
| If you want to know just how much money you will be | | | | mortgage calculator to narrow down just how much |
| saving on interest by choosing a loan with a 15 year | | | | house you can afford to buy. The thing to so before |
| fixed mortgage rate in comparison to a loan with a 30 | | | | you are ready to buy a home is to save. Cut back on |
| year fixed mortgage rate just go online and access a | | | | expenses and save that money in a separate account |
| mortgage interest calculator. You will see if you | | | | that will one day be your down payment. By offering a |
| borrow $200,000 at a 15 year fixed mortgage rate of | | | | larger down payment you can often lock into a better |
| 5.75 percent you will be paying back less than $99,000 | | | | interest rate, because the lender wants your business. |
| in interest, whereby the 30 year loan at 6.25 percent | | | | A 20 percent down payment is a sizable down |
| interest will come to about $240,000 paid back in | | | | payment; the lender will use this money to secure the |
| interest. It makes good sense to choose a 15 year | | | | loan to protect them in case you default on the loan, |
| fixed mortgage rate over loan with a 30 year fixed | | | | and this keeps you from having to take out extra |
| rate. | | | | insurance for that purpose. If your budget can handle |
| Some borrowers prefer not to do all the work | | | | the larger monthly payments it will be to your |
| themselves, because finding the lending company with | | | | advantage to choose the 15 year fixed mortgage rate |
| the best 15 year fixed mortgage rate can be a bit time | | | | loan. |