Monument, CO, Mortgage Rate Options: Benefits of a 15-Year Fixed Mortgage
Finding the right mortgage is key when purchasing a home. Integrity Mortgage & Financial provides competitive 15-year fixed mortgage and refinance rates to Monument, CO, residents, helping you secure a loan that fits your budget.
With multiple financing options available, it’s crucial to recognize the advantages of each. A 15-year fixed mortgage offers borrowers a consistent interest rate and payment structure throughout the loan term. This mortgage type allows homeowners to own their property sooner and save on interest by making higher monthly payments. Compared to a 30-year fixed-rate mortgage, this option provides lower interest rates and a shorter repayment period, making it a preferred choice for financially savvy buyers.
At Integrity Mortgage & Financial, we understand that obtaining a mortgage can feel overwhelming. That’s why our Monument, CO, mortgage experts are committed to guiding you through every step. We offer competitive rates and personalized service to help you save money on your home loan. 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 Monument, CO, 15-year fixed mortgage and refinance rates, monthly payments are determined based on the interest rate, loan principal, and amortization schedule for the 15-year term.
A major advantage of a 15-year fixed mortgage is its predictable monthly payment, ensuring stability for the duration of the loan. Additionally, homeowners pay less interest over time, resulting in long-term savings.
Enjoy the flexibility of making extra payments anytime without pre-payment penalties when you finance with Integrity Mortgage & Financial.
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) 638-0531Â today to schedule a free consultation with one of our local mortgage professionals and secure a low-rate Monument, CO, mortgage!
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.
Get started today!
Fill out the questionnaire on this page to start a discussion about your mortgage needs today!
