Colorado Springs Mortgage Rate Options: Benefits of a 15-Year Fixed Mortgage
When it comes to buying a home, you deserve to get the best deal on your mortgage. Integrity Mortgage & Financial offers a variety of mortgage rates to Colorado Springs residents so you can find the loan that works right for your budget.
With so many options available, it’s important to understand the benefits of each type of mortgage loan. If you are looking to build equity, consider a 15-year fixed mortgage rate. This option requires borrowers to pay the same interest rate and monthly payment for the full life of the loan. With a 15-year mortgage, you will own your home much faster and save more money in the long run when you make higher payments each month. Our Colorado Springs mortgage rate option for a 15-year fixed rate mortgage compared to a 30-year mortgage, lower rates and a shorter term make this loan a great choice for the financially savvy homeowner.
At Integrity Mortgage & Financial, we understand that securing a mortgage isn’t always easy. That is why our team of Colorado Springs mortgage lenders is dedicated to helping you every step of the way. We offer competitive rates and expert service at an affordable price. Find out more ways you can save money on your mortgage when you call or apply for a loan today!
How to Calculate Monthly Mortgage Payments
With our Colorado Springs 15-year fixed rate mortgage, your monthly payments are calculated based on the interest rate, principal loan amount, and the amortized interest for a 15-year term.
One of the most significant benefits of a 15-year fixed rate mortgage is that your payment will not change throughout the life of the loan. Plus, you will accumulate less interest over time, saving you money.
Pay your mortgage at any time without pre-payment penalties when you sign up with Integrity!
Get Qualified
Refinance up to 95% of your primary home’s value or buy your primary home with as little as 5% down.
Questions? Call (719) 638-0531 to sign up for your free consultation with one of our local mortgage brokers and get started with a great low rate on your Colorado Springs mortgage rate today!
What is the interest rate on a 15 year mortgage right now?
As of May 15, 2024, the average APR for a 15-year fixed mortgage stands at 6.00%.
Can I get a fixed-rate mortgage for 15 years?
Opting for a 15-year fixed rate mortgage can lead to substantial long-term savings, as it enables you to pay off your mortgage more quickly and reduces the total amount of interest you pay. This accelerated repayment schedule not only helps you build equity faster but also provides increased financial security and peace of mind, knowing your home will be paid off sooner.
What are the drawbacks of opting for a 15-year mortgage?
Opting for a 15-year mortgage over a 30-year term comes with several benefits, including significantly lower total interest costs, reduced interest rates, and fewer fees, effectively promoting forced savings. However, this option also presents some drawbacks. The monthly payments are substantially higher, which may affect overall affordability and could result in less disposable income available for other savings and investments.
What is the FHA 15 year fixed rate?
As of May 16, 2024, the 15-year fixed rate for an FHA loan is 5.874%, or 6.008% APR.
What is the minimum down payment for a 15 year mortgage?
The interest rate on your loan is locked in for its entire duration, ensuring that you are protected from any potential increases in rates. This stability allows you to purchase a home with a minimal down payment of just 3%. Additionally, you have the option to refinance your property for up to 97% of its current market value, providing flexibility to leverage your home’s equity when needed.
What are the requirements to qualify for a 15-year fixed mortgage?
A 15-year fixed mortgage generally requires a minimum credit score of 620, a down payment of at least 3%, and a debt-to-income ratio of 50% or less. The minimum credit score to qualify varies by lender, but 740 may get you the best rate.
