Switch To 15 Year Fixed

On the downside, however, a 15-year fixed rate deal locks borrowers into a very long contract that can become expensive if rates fall or personal finance circumstances change during the mortgage term.

 · I love the idea of paying a 30 year mortgage off faster but I love the idea of paying a15 year mortgage off faster EVEN MORE! It is a difficult thing to do but simply paying the minimum/normal monthly mortgage payment on a 15 year will pay it off in exactly 15 years.

A 15-year mortgage isn't right for everyone, but could it be right for you?. Today, rates for 30-year fixed-rate mortgages are below 4% and even.. fund to live for a year or more, should your situation change unexpectedly.

Prequalifying For A Mortgage Does Getting Prequalified for a Mortgage Affect Your Credit. – Prequalifying for a mortgage can be completed over the phone with a. Shop around for the best rate on a mortgage loan, just as you would.

PSA: Why you SHOULDNFind Great 15-year Fixed Rate Loans. This Table helps homebuyers explore their mortgage options. You can click on the refinance button to switch away from.

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If you’re asking yourself "Should I Switch to a 15-Year Fixed Mortgage," you need to know the key factors that determine a successful refinance. For instance, refinancing into a 15-year mortgage with a fixed rate can be a smart move if you’re able to afford the higher payment.

If we use a $250,000 30-year mortgage at 5% fixed as an example, you would pay a total of $233,139 over the life of the loan in interest alone. On a 15-year mortgage at less than one percentage point lower you would pay just $85,685 throughout the life of the loan. That is a savings of $147,453 throughout the life of the mortgage!

Today’s low interest rate for a 15-year fixed is 3.375% (3.853% APR), and the interest rate for a 30-year fixed is 3.99% (4.255% APR). Why You Should Choose Quicken Loans You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.

Fifteen Year Mortgage Rates 5-Year Fixed-Rate Historic Tables HTML / Excel Weekly PMMS Survey Opinions, estimates, forecasts and other views contained in this document are those of Freddie Mac’s Economic & Housing Research group, do not necessarily represent the views of Freddie Mac or its management, should not be construed as indicating Freddie Mac’s business prospects.

If you have a 30-year fixed-rate mortgage with a rate of 4.5% or higher, I have great news for you. Right now, a 15-year fixed is about 1% below the 30-year fixed rate.. That means you could save thousands of dollars of interest over the life of your loan by refinancing to a 15-year fixed at current mortgage rates.