What are the Pros and Cons of a 15 Year Mortgage?

There is more than one benefit with a 15 year mortgage. One great advantage is that the mortgage interest rate on a 15 year mortgage is lower than a 30 year mortgage interest rate--often by .5 point or more.

A 15 year home loan offers the security of a fixed rate program coupled with the accelerated pay down benefits of a shorter term product.Although fifteen years may sound like a long time down the road, you would be amazed at how much more of your payment gets put toward principle with this product rather than that of a 40 year home loan or 30 year fixed rate mortgage (especially at the earlier stages of the loan). Sure, your monthly payment will be higher but the amount of interest paid over the course of the loan will be significantly less.

13 Mar 2013 , According to PRWeb

Before, during, and after steps to a successful 2013 Relocation - and what to look out for.

Raleigh, NC (PRWEB) March 13, 2013

Tired, working all the time, not appreciated, wanting a change, need to gain more power, more knowledge? In 5 easy steps, mortgage expert, Andy May, shows how to make relocating easier and less stressful.

 

06 Mar 2013 , According to PRWeb

Consumer Daily’s two large databases of mortgage refinance rates have been updated for this March. Homeowners may calculate their new mortgage interest rates and savings here.

Orange County, CA (PRWEB) March 06, 2013

With so many fast changing parts of our current economy, more and more consumers are utilizing the trusted resources and information of http://www.consumerdaily.org. With many key recent economic issues the current interest rates are: 30 year fixed 3.53%, 15 year fixed 2.78%, 30 year jumbo 3.93%, 5/1 adjustable rate mortgage 2.65%. While many news sources including The Wall Street Journal have reported on the growth in the housing sector, many economic issues including legislative action continue to impact interest rates. This site serves as a portal. It helps connect users to company websites that may help lower bills and find lower rates.

 

05 Mar 2013 , According to PRWeb

Leading Mortgage Industry Risk Management Technology Firm Continues to Lead Banks Toward Better Industry Practices, Uniform Standards and Consumer Protections.

Parsippany, NJ (PRWEB) March 05, 2013

Secure Settlements Inc. recently launched its “Know Your Agent™” program which enhances the company’s industry leading closing agent vetting and risk management service for lenders. Under this program, SSI has been issuing full color ID cards to vetted closing professionals. The ID cards, which are intended to be worn as identification at mortgage closings nationwide, will fulfill several important fraud deterrent goals. The first is to clearly identify to all parties at the closing table, particularly consumers, the identity of the agent handling the mortgage proceeds and documents. The second is to confirm the agent’s independently vetted risk status.

 

11 Feb 2013 , According to PRWeb

US Best Repairs is sponsoring the Government Agency Forum at the 2013 MBA National Mortgage Servicing Conference & Expo in Gaylord, Texas.

Irvine, CA (PRWEB) February 11, 2013

U.S. Best Repair Service, Inc. (US Best Repairs) is sponsoring the Second General Session of the GSE and Government Agency Forum on February 20 at 3:15 p.m. at the 2013 MBA Servicing Conference and Expo in Gaylord, Texas. The forum will be moderated by Pete Mills, Senior Vice President, Residential Policy & Member Services at Mortgage Bankers Association.

 

7 Feb 2013 , According to Randall Palmer | Reuters

OTTAWA (Reuters) - Tighter Canadian mortgage rules appear to have put a serious damper on the housing market, especially on the heated condominium sector, judging by Statistics Canada data released on Thursday.

The value of Canadian building permits fell 11.2 percent in December after a 14.5 percent decline in November. That was the biggest two-month drop fall since the data series started in 1989, and left the value of building permits 16.2 percent lower than a year earlier.

 

10 Feb 2013 , According to PRWeb

The U.S. Department of Housing and Urban Development has announced that FHA mortgage insurance will not only be going up, but becoming permanent. Broadview Mortgage is a California based direct lender.

Orange, California (PRWEB) February 10, 2013

It's official, FHA Mortgage Insurance Premiums will be increasing 10 to 15 basis points according to a Mortgagee Letter released by Carol J. Galante, the U.S. Federal Housing Commissioner.

 

11 Feb 2013 , According to PRWeb

The Federal Savings Bank sees that mortgage rates are remaining at multi-year lows, giving investors an opportunity to purchase a home or refinance.

 

14 Feb 2013 , According to MARTIN CRUTSINGER | Associated Press

 

WASHINGTON (AP) — The average U.S. rate on the 30-year fixed mortgage was unchanged for a second week, remaining near historic lows. The average rate on the 15-year mortgage also stayed the same. Low mortgage rates are helping to strengthen the housing recovery.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year low stayed at 3.53 percent. That's near the 3.31 percent reached in November, which was the lowest on record going back to 1971.

 

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