15 YEAR CONVENTIONAL MORTGAGE
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15 Year Conventional Loan
Best for:Buyers who are interested in a shorter loan term and able to make higher payments.
What it is:The 15-year Conventional Loan is fully amortized over a 15-year period and features consistent monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast.
15-Year Fixed Loan Pros and Cons
Lower interest rate than 30 year fixed
Shorter term – pay your loan off faster
PMI will cancel once 20% equity is reached
Higher monthly payment due to shorter term
Unsure which mortgage program will best fit your needs? contact us and one of our home loan advisors will help find a program that best fits your unique situation.