Here’s how our home loan process works:
About 15 Year Fixed Mortgage Rates in Fort Myers, FL
Do I Qualify? As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
Our 15-Year Fixed Rates Are Low & Our Process is Quick & Painless
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.
We’re here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE 15-Year Fixed Rate Mortgage Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you – whether you’re a first-time home buyer or a seasoned investor.
The 15-Year Fixed Rate Mortgage Loan Process
- Complete our simple 15-Year Fixed Rate Mortgage Qualifier
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
There are so many decisions to be made when purchasing a property, and one of the most crucial is the type of loan product to choose. Reviewing product information can be a befuddling alphanumeric soup: FNMA, FHA, VA, ARM, 30-year, 20-year, 15-year. But which is right for you?
The experience, both personal and professional, and vast knowledge of the Fort Myers Mortgage Experts team will help you decipher these types of loans so you can choose the product that best fits your needs. If you have the financial resources available and are hoping to build equity quickly, 15-year mortgage rates may be an ideal loan for you.
What Is a 15-Year Fixed Rate Mortgage?
This loan product is exactly what it states: a mortgage that you pay back over 15 years at a fixed rate that will not change over the term of the loan. This type of mortgage is appealing for those looking to save on interest and build equity faster.
Benefits of 15-Year Mortgages
There are many benefits of a 15-year mortgage. As opposed to an ARM (Adjustable Rate Mortgage), a 15-year fixed mortgage rate gives you some stability, because you can rest assured that your monthly mortgage payment (excluding escrows for housing expenses such as property taxes and insurance) will stay constant.
15-year fixed rate mortgages usually have a lower interest rate than a conventional 30-year mortgage, and because you are paying more per month, you’re paying down principal more quickly, saving you even more on interest.
For example, a $250,000 mortgage on a 15-year term vs a 30-year term at 4% interest can save you $96,814 over the life of the loan.
How to Qualify for a Mortgage Loan
The key for how to qualify for a mortgage loan such as a 15-year fixed mortgage rate is working on that credit score, so aim for 620+. The higher your score, the more loan options available to you. Keep your revolving debt low, such as balances on credit cards, car loans, and personal loans. You will also need to have a high enough income to afford your monthly payments and interest and enough savings for a down payment. Be prepared for a lot of paperwork, and make sure to shop around for the best rates.
Is a 15-Year Fixed Rate Mortgage Right for You?
If you are ready to build equity quickly, then a 15-year fixed rate mortgage is an ideal option for you. If you want to keep your monthly payments lower so that you have cash available for other interests or to do work on the property, then a mortgage stretched over 20 or 30 years might be a better fit.
Contact Fort Myers Mortgage Experts in Fort Myers, FL
If you’re a home buyer looking for the best rate on a 15-year mortgage, or just trying to decide which product is best for you, give Fort Myers Mortgage Experts a call today. We have helped many happy clients get into their dream home, and we can help you too.