With a 15 year fixed rate mortgage, you can pay off your home loan and eliminate your house payment while saving thousands of dollars in interest charges.
There are few things in this life that equals the sensation of being paid up. - Kin Hubbard, Abe Martin's Primer, 1914
Consider Tucker who lives near a farming community. Waiting for his coffee, he watches in wonder as a young man pulled away in his Ferrari. Probably takes his entire paycheck to make that payment, Tucker muses.
Walking back out to his truck, he second-guesses himself.
Tucker, what's wrong with you? Why do you continue driving the same vehicle year after year? You've worked smart. But what do you have to show for all of the money you've earned?
And right in the middle of the parking lot, he stops!
I own a house that does not belong to the bank! And that's because I made the decision to refinance into a 15 year fixed rate mortgage.
The 15 year fixed rate mortgage is the easiest way to take advantage of mortgage amortization. It's also the greatest bargain.
Not only is your interest rate lower than a 30 year home loan, the 15 year term saves you thousands and thousands of dollars in interest over the years. Plus you'll be mortgage free after 180 payments!
Example: You borrow $200,000 and your brother Donald does too.
You choose a 15 year fixed rate mortgage but Donald opts for a 30 year mortgage.
Speed up the clock another 15 years. You've paid off your mortgage. Your brother still has to repay $142,00 in principal and an additional $74,000 in interest over the next 15 years.
After 30 years, Donald's total interest paid will be approximately $232,000. That's nearly $128,000 more interest that your brother has to pay for borrowing the same $200,000 as you.
Yes, Donald's mortgage payment has been lower. But, unlike Donald, you have NO house payment for the next 15 years!
If being mortgage free appeals to you, a 15 year fixed mortgage may be just the home loan for you. How will your mortgage payment look on a 15 year term? Use my easy and free Online Mortgage Calculator to see.
Now go to Cheapest Fixed Rate Mortgages to discover the hybrid loan!
January 2016: The Mortgage Forgiveness Debt Relief Act Update.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
Keep on the right path at A Homeowner's Survival Guide to the Intimidating Mortgage Process.
Please tell your friends about the 15 Year Fixed Rate Mortgage Program. I hope you'll come back and visit often.
Aug 11, 16 10:49 AM
Aug 11, 16 10:18 AM