Mortgage Free In 15 Years!Imagine paying your mortgage off in 15 years! Think of all the great things you could do with that extra money. What would you do? Retire early? Buy an R.V.? Travel around the world? If you could eliminate your mortgage in half the time, then your options would be wide open. Let's take a look at 3 benefits and 3 considerations when evaluating whether or not the 15 year fixed rate mortgage, is right for you:
1. Lower Interest Rate: The 15 year amortized fixed rate loan carries a lower interest rate.
2. Huge savings on Interest Paid: Do you want to save a ton of money? A 15 year fixed will accomplish this for you.
What would YOU do with $206,289? 3. Mortgage Paid in 15 years: Because the loan is amortized for 15 years, instead of 30 years, your commitment to the bank is cut in half.
Any way you look at it, cutting your commitment down to 15 years affords you many more options in life. So we've established that a 15 year loan clearly has some amazing benefits. But, is the 15 year loan right for you? Let's take a look at some important considerations: 4. Affordability: Even though the 15 year fixed rate loan enjoys a ½% savings in interest, there is still the question of affordability.
Can you afford the long-term commitment of a 15 year fixed rate loan? 5. Expendable Income The 15 year fixed rate loan is an important consideration if you have extra income and you are looking to apply it somewhere. Ask these important questions:
If money's got you down, and things are tight, and if there are other financial areas for you to explore first (such as paying off credit cards), then perhaps the 15 year loan may not be right for you, at least not right now. Start by completing a budget analysis, and figure out a plan to get you from point A to point B. 6. The 15 Year Loan As An Investment: This is really, the most important consideration. A 15 year fixed rate loan is more of an investment then anything else.
Remember, money saved, is money earned! We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense. Publisher's Directions: This article may be freely distributed so long as the copyright, author's information, disclaimer, and an active link (where possible) are included. Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site. About The Author Copyright 2005, by LoanResources.Org , This article is available in full format at: Mortgage Free , Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services.
MORE RESOURCES updated Thu. March / 28 / 2024 Refinancing - Learning Center Zing! Blog by Quicken Loans Types of Mortgage Refinance Options Bankrate.com Discover Home Loans Review 2024 - Mortgages Business Insider How to Refinance Your Mortgage NerdWallet Mortgage Interest Rates Today, March 28, 2024 | Rates Are Down This Week. Will They Stay That Way? Business Insider Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Underwater Mortgage: What To Do Bankrate.com Mortgage Refinance Rates: Compare Current Rates Business Insider When to Consider Refinancing Your Mortgage Business Insider Mortgage Interest Rates Today, March 27, 2024 | Rates Down Slightly as Homebuying Season Ramps Up Business Insider 30-year refinance rates: What to know CNN Underscored The best mortgage lenders for refinancing in March 2024 CNN Underscored 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider Mastering Rate-and-Term Refinance: a Complete Explainer Business Insider Mortgage Relief and Mortgage Assistance Programs [2024 ] The Mortgage Reports Current mortgage refinance rates CNN Underscored Should You Refinance Your Mortgage In 2024? Bankrate.com Best Mortgage Refinance Lenders In 2024 Bankrate.com Current mortgage interest rates: Mortgage rates today CNN Underscored MBA: Mortgage Applications Decreased in Weekly Survey Calculated Risk VA Refinance Rates - Current VA Loan Refinance Rates Today Business Insider Best Mortgage Refinance Lenders of March 2024 Business Insider Current FHA Refinance Rates Today - Mortgages Business Insider Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports Best Refinance Lenders of March 2024: Refinance Your Mortgage The Motley Fool When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Mortgage Rates This Week NerdWallet Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports How Soon Can You Refinance a Mortgage Loan? 2024 Rules The Mortgage Reports How To Refinance An Underwater Mortgage Bankrate.com How Soon Can You Refinance a Mortgage? NerdWallet Current 15-year refinance rates — and lenders that offer them CNN Underscored Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports Can You Refinance With No Income Verification in 2024? The Mortgage Reports What Credit Score Do I Need To Refinance? Bankrate.com Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau How To Get Equity Out Of A Paid-Off House Bankrate.com The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free The Wall Street Journal CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor How To Get The Best Refinance Rate Bankrate.com Save up to $1,500 on a Mortgage Refinance With the New FHFA Program Business Insider Should You Refinance Halfway Through Your Mortgage? Bankrate.com
|