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For every $100,000 borrowed on a 15-year mortgage, you'll save nearly $44,000 over the long-term in mortgage interest costs over a 30-year.
Last quarter, 1 in 4 conforming mortgage applicants ditched their 30-year mortgage for a 15-year fixed. There are good reasons why, too.
The Refi Boom has been kind to the 15-year fixed rate mortgage. Maybe it's time you looked at 15-year mortgage rates, too.
It's an excellent time to lock a 15-year fixed rate mortgage. Versus comparable 30-year loans, conforming 15-year mortgage rates are "on sale" -- and cheap.
Shopping for a mortgage rate and a mortgage product at the same time is like multi-variate calculus. Except harder. Consider the 15-year fixed rate mortgage as compared to its 30-year cousin. At the beginning of the year, the interest rate differential was negligible. Now, it's pronounced.
For some people, the major financial goal is to pay off the house in full, and bid adieu to the mortgage. To accomplish that goal, they stuff aside extra payments month after month into the home until the mortgage is paid off. What a terrible waste of money. I present...
