Our 15-Year Fixed Mortgage
Do you want to own your home in California sooner rather than later?
Does the idea of making a mortgage payment decade after decade stress you out?
If so, a 15-year fixed mortgage might be the perfect solution.
Just as the name suggests, you only pay on this mortgage for 15 years. Once the 15 years are up, you own the home. You no longer have to report to the banker and send in those monthly payments.
You are free and clear to live out the rest of your life in peace.
That sounds great, but is a 15-year mortgage loan right for you? Check out some information about this type of loan. Then, you’ll know if you need to hit the brakes or hit the gas and soar into your new home with a 15-year mortgage.
How it works
If you get a 15-year mortgage, your payment will never change. You will pay the same dollar amount from day one until the end of the loan.
In the beginning, you will mainly make payments toward the interest of the loan. Then, as the years tick by, your payments will mainly go toward the principle. You will build equity very quickly during this period.
While the 15-year fixed mortgage rates in California vary, you can get a good idea of what to expect by looking at the past several years. During the last five years, the rates have been as low as 2.66 and as high as 3.53. The 15-year fixed mortgage rates history indicates that you can expect to pay around 3 percent interest if you go with this loan.
As you know, 3 percent is an excellent interest rate. In fact, it is lower than some of the loans out there, making this a nice choice for people who don’t want to pay a lot in interest.
You don’t have to wait any longer to find out how much you will pay for your California mortgage loan.