900 Bestgate Road, Suite 310 | Annapolis, MD 21401

©2017 JASON NADER - FIRST HOME MORTGAGE CORPORATION

*This is not a commitment to lend. Terms and conditions of programs, products and services are subject to change. All loans are subject to credit approval and property appraisal. Certain restrictions may apply on all programs.

 

First Home Mortgage Corporation of America, First Home Mortgage Services, and First Home Mortgage Company of Maryland are d/b/a's of First Home Mortgage Corporation. First Home Mortgage Corporation is licensed in Connecticut, Delaware, District of Columbia, Florida, Georgia Residential Mortgage Licensee (Lic. #23135), Indiana, Kentucky, Maine, Maryland, Massachusetts Mortgage Lender and Broker (Lic. #MC71603), Michigan, New Hampshire, Licensed by the New Jersey Department of Banking and Insurance, North Carolina, Pennsylvania, Rhode Island Licensed Lender and Broker, South Carolina, Tennessee, Vermont, Virginia, West Virginia. Equal Housing Lender. First Home Mortgage Corporation NMLS ID #71603 (www.nmlsconsumeraccess.org). Privacy Policy

 

15-YEAR FIXED RATE MORTGAGE

WHAT IS A 15-YEAR FIXED RATE MORTGAGE?

A conventional 15-year fixed rate mortgage is similar to a 30 year-fixed rate mortgage in many respects. A conforming 15-year fixed rate loan features a limit of $453,100 ($679,650 in high-cost areas) and a consistent rate throughout its lifetime, giving you secure and predictable monthly mortgage payments. So what does this loan offer that a 30-year fixed rate loan doesn’t?

The main difference is the length. With a 15-year fixed rate loan, you’ll pay off your mortgage in half the time, putting you on the fast track to full amortization. A 15-year fixed rate mortgage also features lower rates than its 30-year counterpart. A shorter loan term plus lower mortgage rates means less interest on your loan and more money in your bank account! Conventional 15-year fixed rate mortgage features include:

  • 3-5% minimum down payment options for qualified homebuyers.

  • Regular, qualified income required.

  • No private mortgage insurance (PMI) with 20% or more down.

  • Seller assistance with up to 3% of closing costs.

  • Loans up to $5 million for non-conforming mortgages.

  • HomeStyle renovation loans with as little as 5% down.

  • 203k renovation loans with a minimum 620 FICO score.

 

 

IS A 15-YEAR FIXED RATE MORTGAGE RIGHT FOR YOU?

A 15-year fixed rate mortgage is popular with two different demographics. Younger homebuyers with sufficient income often use it to pay off their home before their children start college, while older homebuyers with established careers and higher income use it to pay off their mortgages before retiring. A word to the wise: 15-year fixed rate mortgages feature higher monthly payments than a 30-year loan. You’ll need to factor that into your budget when deciding whether this loan fits your needs.