30 or 15: Which Fixed Rate Mortgage is Right for You?
CMS Mortgage Solutions Inc.
CMS Mortgage Solutions Inc.
Published on September 19, 2022
15 or 30? Which fixed rate mortgage is right for you?

30 or 15: Which Fixed Rate Mortgage is Right for You?

When it comes to mortgages, there are a few different types to choose from.

A fixed rate mortgage offers stability and predictability, knowing your mortgage payment amount will not change during the life of the loan. This type of loan may be a good fit if you plan to stay in your home for many years. Fixed rate mortgages are available in both 30 and 15 year terms.

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Which fixed rate mortgage is right for you? That depends on a few factors, including how long you plan to stay in your home and what kind of interest rates you can lock in. Here are some tips on how to choose the right fixed rate mortgage for you:

Know your down payment:

Fixed rate mortgages typically require a higher down payment than other types of loans. If you have a lower down payment, you may have to pay for Private Mortgage Insurance (PMI), which will add to your monthly mortgage payments.

Consider the length of the loan:

Fixed rate mortgages are available in both 30 and 15 year terms. A shorter loan term means higher monthly payments, but you'll pay off the loan faster and save on interest costs in the long run. A longer loan term will have lower monthly payments, but you'll be paying off the loan for a longer period of time.

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Compare interest rates:

Interest rates can vary significantly from one lender to the next. Be sure to shop around and compare rates before you decide on a loan.

Get pre-approved:

Once you've found the right loan, it's time to get pre-approved. This will give you a clear picture of what you can afford and help you move forward with confidence when you find your dream home.

Do most people prefer 15 or 30?

There is no one-size-fits-all answer to this question, as everyone’s needs and preferences vary. However, many people prefer the 30 year fixed rate mortgage because it offers lower monthly payments and longer term stability. If you’re looking for a mortgage that will give you peace of mind and predictable budgeting for years to come, a 30 year fixed rate mortgage may be the right choice for you.

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A 15 year fixed rate mortgage may be a good fit if you want to pay off your home faster and save on interest costs. With a shorter loan term, you'll have higher monthly payments, but you'll pay off the loan in half the time of a 30 year fixed rate mortgage. This can be a great option if you want to reduce your overall mortgage costs and build equity in your home more quickly.

The standard benefits of a 30 year fixed rate mortgage include fixed monthly payments for the life of the loan, protection against rising interest rates, and predictable budgeting for homeowners. In addition to these benefits, a 30 year fixed rate mortgage can provide emotional stability during uncertain times. This type of mortgage can help you feel more secure in your home and your financial future.

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Standard benefits of any Fixed Rate Mortgage:

– Fixed monthly payments for the life of the loan

– Protection against rising interest rates

– Predictable budgeting for homeowners

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Emotional benefits of any Fixed Rate Mortgage:

– Peace of mind knowing that your mortgage payment will never increase

– Stability during uncertain times

Fixed rate mortgages offer stability and predictability, making them a good choice for many homebuyers. By taking the time to understand your options and compare interest rates, you can find the loan that's right for you.

If you have any questions about fixed rate mortgages or are ready to get pre-approved, we're here to help. Contact us today and one of our loan officers will be happy to assist you.

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CMS Mortgage Solutions Inc.
CMS Mortgage Solutions Inc. Virginia Beach
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(757) 558-2603