The 15-Year Fixed Loan
MORTGAGE EDUCATION
How Does it Work?
There’s nothing complicated about how the 15-year fixed mortgage works. Here are the specifics:.
You’ll be paying off the mortgage over 15 years; you’ll be paying less interest throughout the loan duration, as it will finish earlier than the 30-year mortgage.
The mortgage can be paid down whenever you want and there won’t be any prepayment penalties.
All the payments you make will be used to pay the interest (the fee you’re paying after borrowing money) and the principal (which is the borrowed amount). Your insurance and taxes will also be covered with your payments.
The interest and principal payments will remain the same because of the fixed interest rate but there can be a change in the insurance and taxes.
You may need mortgage insurance, but this depends on the equity you have when you’re refinancing or the down payment you make when you’re purchasing the house.
The Main Benefits
There’s nothing complicated about how the 15-year fixed mortgage works. Here are the specifics:.
Paying less interest on the mortgage
No changes in the monthly interest and principal payments
Mortgage can be paid off faster compared to other loans
You can make a down payment of as little as 3% to buy a house
You can refinance the property for up to 97% of its overall value
The lowest interest rate you can find for a 15-year fixed mortgage is 3.875% (4.342% APR).
Why Choose Iconic Mortgage Corp for Acquiring A Loan?
Iconic Mortgage Corp makes it easier for you to acquire loans. Here are some of the advantages that you stand to gain:
Not having to deal with any paperwork since the entire application process is done online; this also makes tracking the mortgage application easier.
Get comprehensive answers to your questions from the Home Loan Experts and choose the right mortgage type after learning all the details.
Managing you mortgage is easier as you can do it online after closing your loan, with the help of our lending partners, who’ll manage your mortgage and there are no hidden charges as well.
