| Fannie Mae Mortgage's |
15-Year Fixed-Rate Mortgage
Key Features:
A 15-year mortgage offers a lower interest rate than a
30- or 20-year mortgage. This saves you a significant
amount of interest over the life of the loan. For
example, with a $100,000 loan at 8.25 percent
interest, the 15-year mortgage will save you $95,000
in interest payments over the life of your loan,
compared to the same mortgage amount for a
30-year term. However, monthly mortgage payments
will be higher.
The shorter-term allows you to own your home
outright sooner.
Key Features:
A 15-year mortgage offers a lower interest rate than a
30- or 20-year mortgage. This saves you a significant
amount of interest over the life of the loan. For
example, with a $100,000 loan at 8.25 percent
interest, the 15-year mortgage will save you $95,000
in interest payments over the life of your loan,
compared to the same mortgage amount for a
30-year term. However, monthly mortgage payments
will be higher.
The shorter-term allows you to own your home
outright sooner.
Fannie Mae Mortgage
Solutions
Solutions
You pay off a 15-year fixed-rate mortgage in half the time it would take you to
pay off the traditional 30-year fixed-rate mortgage. This shorter term makes it
possible for you to build up equity in your home faster, which can let you move
up more quickly to a more expensive home or save more in preparation for
retirement or a child's education. This loan is particularly attractive if you're
refinancing your mortgage because you can shorten your loan term plus enjoy
a lower interest rate. Fifteen-year mortgages are usually offered at interest
rates lower than those available with 30-year mortgages. However, higher
monthly payments may make it more difficult to qualify for the 15-year
fixed-rate mortgage compared to the 30-year fixed-rate mortgage.
pay off the traditional 30-year fixed-rate mortgage. This shorter term makes it
possible for you to build up equity in your home faster, which can let you move
up more quickly to a more expensive home or save more in preparation for
retirement or a child's education. This loan is particularly attractive if you're
refinancing your mortgage because you can shorten your loan term plus enjoy
a lower interest rate. Fifteen-year mortgages are usually offered at interest
rates lower than those available with 30-year mortgages. However, higher
monthly payments may make it more difficult to qualify for the 15-year
fixed-rate mortgage compared to the 30-year fixed-rate mortgage.
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