Fifteen-Year Mortgage

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Fifteen-Year Mortgage

A mortgage with a maturity of 15 years. A 15-year mortgage usually has a higher payment than a 30-year mortgage because one pays a higher portion of the principal each month.
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Your bank is a good place to start if you are a first time buyer -- know your options regarding 30 and 15 year mortgages, adjustable mortgages, FHA and VA loan programs.