Loan Programs

15 Year Fixed rate mortgage loans are great and provide many benefits to those looking for a more aggressive approach to paying off the home. Make sure you have evaluated any future monies that might be needed for home repairs, job loss, education, or lifestyle. The payments will be higher so it is only recommended for those with those focused on paying the house off early. We also offer a variety of other terms if the 15-year is too aggressive on the monthly payment or the debt ratio impacts the pre-approval process. Other options include taking a longer term and simply making higher mortgage payments to pay the loan off at your comfort level. We’ll be here to help you review 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 so your principal and interest never changes
• 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 paying off early

Disadvantages of a 15 Year Fixed Loan

• Higher payments
• Aggressive loan terms incase of unexpected life difficulties

Advantages of a 30 Year Fixed Rate Mortgage Loan

• Lower mortgage payments than lower terms
• Fixed rate so your principal and interest never changes
• Great low rates
• Buy a home with as little as 3% down payment
• Refinance your home with lower built up equity

Although your total life-time payments will exceed those of a 15 year mortgage the savings of having a lower payment will help allow you to pay off bills or afford a larger home. These loans have no pre-payment penalty so you can always add extra monthly payments to payoff the loan quicker than the term. The 30 Year Fixed mortgage is the most common choice for homeowners and most conservative route to choose when deciding which option is best.

30 Year Fixed Rate Mortgage terms give you the lowest payment available for your next mortgage loan. They also provide the comfort to know that your rate will not change and your payment will stay the same over the course of the 30 year note.

• Monthly payments based on interest rate, principal loan amount, and amortized interest over 30 years
• Payments stay fixed for the term of the loan (taxes and insurance may however vary depending on increases or decreases each year)
• You can payoff your mortgage anytime without a pre-payment penalty