- Brian Lardner
- #1833652 #324324
- (805) 434-5226
- brian@crownmortgageofthewest.com
If you want to save money in interest and pay off your loan sooner, a 15-year term could be the right choice.
It’s also a suitable choice if you like the idea of the interest rate never changing.
Let’s start digging into the other benefits.
By opting for a 15-year fixed-rate loan, you’ll have your home fully paid off in 15 years.
You’ll pay less in interest over the life of the loan than a 30-year fixed loan, but your monthly payments will be higher.
Your interest rate will be locked for the life of your loan. This means that your interest and principal payments won’t ever increase or decrease.*
Paying for mortgage insurance is often needed, but this depends on your equity, if you’re refinancing, or your down payment size, if you’re buying a home.
*The amount you pay regularly for insurance and taxes can still go down or up.
A 15-year Fixed-Rate Loan:
Comes with an interest rate of 3.25% (with a 3.721% APR). This is for the cost of 2.125 point(s), a total of $4,250.00, paid at closing.
For example, with a $200,000 home loan, you would pay $1,405.34 in monthly payments*.
*This does not factor in insurance premiums or taxes. The total payment amount will be higher. The payment example assumes a LTV, meaning loan-to-value, of 74.91%.
PMI, or primary mortgage insurance, is required if you have a down payment of less than 20% on your 30-year fixed-rate mortgage.
Call us now to get personalized recommendations about 15-year fixed mortgages, or to discuss different options.
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You’re also consenting to having Crown Mortgage of the West, our partner companies, and our Family of Companies, reach out to you about your inquiry through a text message or a phone call*.
We’ll call the cellular or residential telephone number you’ve provided with us. We’ll do this even if your telephone number is on a corporate, state, or national Do Not Call Registry. You’re NOT obliged to receive such messages or calls as a condition of saying yes to our services, or the services of our affiliates.
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*This includes an automatic telephone dialing system or a prerecorded or artificial voice.
Arizona and California Licenses
#1833652 #324324
Arizona and California Licenses
#1833652 #324324