15 Year Fixed Mortgage Rate Over 30 Year Fixed Mortgage Rate
There are various of fixed mortgage rate programs available. 30 year fixed mortgage rate programs is extremely popular. There are also 25 year fixed rate mortgage rate programs, 20 year fixed mortgage rate programs and the 15 year fixed mortgage rate program. The biggest advantage of the 15 year fixed mortgage rate program is the amount of interest you can save and the large difference in mortgage rates that you will benefit from the 30 year fixed mortgage rate program. 30 year fixed mortgage rates today is hovering the 4.5% mark. However, 15 year fixed mortgage rates today is hovering at the 3.375% mark.
Refinance To 15 Year Fixed Mortgage Rate And Save Thousands
Mortgage rates have skyrocketted in recent months and many homeowners locked and closed their mortgage loans at the 5.0% mortgage rate mark. 15 year mortgage rates are now at 3.375%. These homeowners should definitely consider the idea or refinancing their 30 year fixed mortgage rate loans to a 15 year fixed mortgage rate loan. For those homeowners who have closed on their 30 year fixed mortgage rate FHA loans should also consider refinancing to a 15 year fixed mortgage rate loan. We now have conventional loans up to 95% LTV with no mortgage insurance premium. Refinancing a FHA mortgage loan into a conventional loan with no mortgage insurance will save the homeowner big time by eliminating the pricey monthly mortgage insurance premium.
Disadvantages Of 15 Year Fixed Mortgage Rate Loans
The biggest disadvantages with having a 15 year fixed mortgage rate loan versus a 30 year fixed mortgage rate loan is that the payments will be higher. Another disadvantage is that your debt to income ratio needs to be lower in order to qualify for a 15 year fixed mortgage rate loan. In the event if you run into financial problems or difficulties, the bare minimum payment of your mortgage payment on a 15 year fixed mortgage rate loan will definitely be higher than a 30 year fixed mortgage rate loan. However, if you can somehow sacrifice paying a little more every month towards your mortgage payments and sacrifice on your other spending, having a 15 year fixed mortgage rate loan can possibly save you tens of thousands of dollars over the life of the mortgage loan.
Gustan Cho NMLS ID # 873293