The length of the term influences the size of the monthly payments, as well as the interest charged on the loan.

At the end of the term, the entire loan needs to be repaid to the lender. Term: The mortgage term is the length of time you have to repay the loan.To understand what a 15-year fixed mortgage is, it helps to break down some commonly used terms in the mortgage business:

Many people obtain a mortgage to buy their primary residence, while others obtain a mortgage to buy a vacation home or property to rent out to others. Like other types of mortgages, you use a 15-year, fixed-rate mortgage to buy property. Get all the details on a 15-year fixed mortgage so you can determine if it’s the right option for you.Ī 15-year fixed mortgage is a loan with a repayment period of 15 years and an interest rate that remains the same throughout the life of the loan. It’s also important to understand how a fixed interest rate differs from an adjustable rate.

Is a 15-Year Fixed Mortgage Right for Me?Īs you weigh your mortgage options, it’s important to understand how getting a 15-year home loan will affect your monthly payments and how much you end up paying for your home over the long run.

How Does a 15-Year Fixed-Rate Mortgage Work?.

APPLY WITH ABBY IN UNDER 15 MINUTES Still have questions or need more information? Below is an overview of what this article covers! One available option is a 15-year, fixed-rate mortgage. The question is, which type of mortgage may be best for you? Mortgages vary in term length, type of interest rate and the amount of interest charged. You plan on buying a house in the near future, and you know you’ll need a mortgage to do so.

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