Comparing Mortgage 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 rate mortgage. 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. 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 a 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!
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 today!