In this 21st century, everything needs money. Sometimes, it can be burdersome for most off people. Why does it ever happens? The fact is, not all of the needs of people directly propotional to their salary. For some cases it is minus. So, how people fulfill their needs? How to do when people want to have something but basically have less amount of money or even do not have money at all? One of the answers is by make a loan. Here comes mortgages, everyone’s angel. A mortgage is one of the economic systems by borrowing some amount of money to buy real estates such as a house and then, later, those real estates must be the collateral of the loan. Right now, mortgages has grown so much and it keeps getting bigger from time to time. There are bunch of mortgages with their own products. Today’s 15 Year Mortgage Rates is in the top of the products.
What is 15 year mortgage rates? Every mortgage offers different type of loans. The examples are Conventional-Rate Mortgage, Adjustable-Rate Mortgage (ARMs), FHA Mortgage, VA Mortgages, and Jumbo Mortgages. Every type of loans has different type of length of payment. It starts from 3 year, 5 year, 10 year, 15 year, 20 year, and even 30 year. Today’s 15 Year Mortgage Rates is one of the popular loan options. What makes it has so many fans? Let us find out more about it!
A 15 year mortgage rate is a loan which its interest stays at the same position for the duration of the loan. Today’s 15 Year Mortgage Rates can mean a lot for the costumers. It is the major savings. A 15 year mortgage rate is the answer for cosumers who want to pay less intrest over the course of the loan, for the costumers who want the security of a consistent rate and payment, and for those who want to pay off their mortgage as faster as they want. Right, a 15 year rate mortgage is the quickes option to pay off the loan. It does not take too much time for the costumers to pay, so the costumers can loan another one or life happyly faster without loan and its payment. What are the other advantages of it? Is there any disadvantage? All the answers are yes. The monthly payment of a 15 year rate mortgage is predictable. The payment is half time of the 30 year mortgage. It is also very simple. Meanwhile, the cons are also there. The payment is higher than 30 year mortgage, certainly. To make loans, it is more difficult to qualify for. Also, the tax deduction of a 15 year mortgage is less compared to a 30 year mortgage. So, what is the qualifications? For a fixed-rate mortgage type, a 15 year rate mortgage qualifications require the refinance up to 97% the value of the costumers’ houses. Also, buy a primary house with as little as 3% down.