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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Before you opt for a 30-year mortgage over a 15-year one in order to secure lower monthly payments, learn how much there is to like about 15-year mortgages.
They offer lower payments than 15-year mortgages Most people think that if they want to have lower mortgage rates, they have to go with a 15-year mortgage - and a much higher monthly payment.
Leading the pack were 30-year fixed rate mortgages at 38% followed by 15-year mortgages at 19%.
Rates for 30-year and 15-year mortgages are much more closely tied to long-term government bond yields.
Rowan is frustrated to see that many African Americans are still buying houses on a 30-year loan while our white counterparts are getting 15-year mortgages.
Some mortgage companies report that nearly half their refinancing activity involves 15-year mortgages.
On the consumer side, most people refinancing their old 30-year mortgages are moving to 10- or 15-year mortgages, thus lowering their rates while keeping their payments level," he said.
We have adjustable rate mortgages in the 2s, 15-year mortgages in the 3s and 30-year fixed mortgages in the 4s," said Josh Fitzwater, Regional Vice President for First Option Mortgage.
If you've looked into 15-year mortgages -- and the rate still isn't as low as you want -- consider "buying down".
Table 4 compares interest payments and the remaining loan balance of 30- and 15-year mortgages (for the first 15 years) for an $80,000 and a $160,000 mortgage.
Specifically, this work compares the cumulative termination experience through December 31, 1993, of refinanced Section 203(b) 15-year mortgages and 30-year-term mortgages (both fixed-rate and adjustable-rate) with those that are not refinancings.
The average rate for 15-year mortgages dropped to 5.