texas mortgage rates
Your Texas Mortgage Rates
Lending Source

10721 Jackson Lane, Frisco TX 75035

Phone: (214) 387-0683       Fax: (214) 387-0185       Email Us

 
 
 

15 Year Fixed Rate Mortgage

15 Year fixed rate mortgages are Fannie Mae 's flagship products, since many consumers prefer the stability of both a fixed interest rate and a fixed payment over the life of the loan.

 

You pay off a 15-year fixed-rate mortgage in half the time it would take you to pay off the traditional 30-year fixed-rate mortgage. This shorter term makes it possible for you to build up equity in your home faster, which can let you move up more quickly to a more expensive home or save more in preparation for retirement or a child's education. This loan is particularly attractive if you're refinancing your mortgage because you can shorten your loan term plus enjoy a lower interest rate. Fifteen-year mortgages are usually offered at interest rates lower than those available with 30-year mortgages. However, higher monthly payments may make it more difficult to qualify for the 15-year fixed-rate mortgage compared to the 30-year fixed-rate mortgage.

Key Features
  • A 15-year mortgage offers a lower interest rate than a 30- or 20-year mortgage. This saves you a significant amount of interest over the life of the loan. For example, with a $100,000 loan at 8.25 percent interest, the 15-year mortgage will save you $95,000 in interest payments over the life of your loan, compared to the same mortgage amount for a 30-year term. However, monthly mortgage payments will be higher.
  • The shorter-term allows you to own your home outright sooner.

 

Consumer Benefits

  • Lock in a long-term interest rate with a stable, predictable monthly payment
  • Borrowers who want to build equity faster should select the shortest loan term they can afford
Shorter loan term carries a lower interest rate, helping borrowers to save in interest cost over the life of the loan

 

 

2006 Conforming Loan Limits

Number of
Units
Maximum original
principal balance
Alaska, Guam, Hawaii,
and U.S. Virgin Islands only
1 $417,000 $625,500
2 $533,850 $800,775
3 $645,300 $967,950
4 $801,950 $1,202,925

 

 

  Correcting Your Credit  
  Credit Advice  
Prepare Your Credit Before Buying A Home
Preparing Your Credit For Life's Changing Needs
Victim Of Identity Theft
Buying Vs. Renting
What If My Application Gets Rejected?
 
Equal Credit Opportunity Act
What Is A Mortgage
Fixed Rate Mortgage
Turn Your ARM into a Fixed Rate
Down Payment
  Mortgage Programs  
  Home Equity Loans  
Deciding on the Right Home Loan
Balloon Payments  
Other Fees And Closing Costs
High LTV Loans
Bad Credit Mortgage
 
The Good And Bad Aspects
Refinancing Home Equity Loans
Interest Only Mortgages
Necessary Paperwork
Pre-Qualification Vs. Pre-Approval
  Types of Loans  
  Miscellaneous  
Buying and Selling a Home at the Same Time
Other Types Of Mortgage Loans
First Time Buyer Programs
Private Mortgage Insurance - PMI
Home Mortgage Refinancing
 
Mortgage Scams
Canceling Your Mortgage
Independent Mortgage Advice
Things To Consider
Mortgage Closing Costs

Mortgage Glossary4


 

Mortgage Rates Apply Online Credit Basics

Home Equity Basics

Mortgage Basics

Contact Us

About Us

Mortgage News  Helpful Articles

Mortgage Calcultator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         

OPEN MORTGAGE
10721 Jackson Lane, Frisco TX 75035

PHONE:
214-387-0683EMAIL: info@brown-lending.com

 

"Your reliable Dallas Mortgage Broker and specialist on Texas Mortgage Rates and Home Mortgage Loans."

 

 

Fixed Rate Mortgage