Fixed Mortgage Rate

15 Year Fixed rate mortgage loans are an excellent option for those seeking a more aggressive approach to home ownership. When working with a mortgage broker in The Woodlands, it's crucial to evaluate any future expenses that may arise, such as home repairs, job loss, education, or lifestyle changes. The payments on these loans will be higher, making them suitable primarily for those focused on paying off their homes early. If the 15-year term feels too aggressive for your monthly budget or affects your debt ratio during the pre-approval process, we also offer a variety of other terms. These include longer-term options that allow you to make higher mortgage payments at a pace that suits your financial comfort. Our experienced team will assist you in reviewing these loan options! 

**Advantages of a 15 Year Fixed Loan**  

- Lower interest rates than a 30 Year  

- Pay less in interest payments to the bank  

- Fixed rate ensures your principal and interest remain unchanged  

- Build equity faster  

- Buy a home with as little as 3% down payment  

- Refinance your home with lower built-up equity  

- No prepayment penalty for early payoff  

**Disadvantages of a 15 Year Fixed Loan**  

- Higher payments  

- Aggressive loan terms in case of unexpected life difficulties  

**Advantages of a 30 Year Fixed Rate Mortgage Loan**  

- Lower mortgage payments compared to shorter terms  

- Fixed rate guarantees your principal and interest stay the same  

- Great low rates  

- Buy a home with as little as 3% down payment  

- Refinance your home with lower built-up equity  

While the total lifetime payments on a 30-year mortgage may exceed those of a 15-year mortgage, the benefit of lower payments can help you manage bills or afford a larger home. These loans come with no pre-payment penalty, allowing you to make extra monthly payments if you choose to pay off the loan quicker than the term. The 30 Year Fixed mortgage is the most common choice among homeowners and represents the most conservative approach when determining which loan option is best for your situation.  

30 Year Fixed Rate Mortgage terms provide the lowest payment available for your next mortgage loan. They also offer peace of mind knowing that your rate will remain unchanged, and your payment will stay consistent throughout the 30-year term.  

**What you need to know:**  

- Monthly payments are based on the interest rate, principal loan amount, and amortized interest over 30 years  

- Payments remain fixed for the duration of the loan (taxes and insurance may vary based on annual changes)  

- You can pay off your mortgage at any time without incurring a pre-payment penalty.