15-Year Fixed Mortgage
A 15-year fixed mortgage allows homeowners to pay off their home in half the time of a 30-year mortgage, with a lower interest rate and less total interest paid over the life of the loan.
15-Year Fixed
Benefits
Lower Interest Rates
15-year fixed mortgages typically come with lower interest rates compared to 30-year fixed mortgages. This means you’ll pay less interest over the life of your loan, saving you a significant amount of money. The lower rate is a reflection of the shorter repayment period, which is less risky for lenders.
Faster Equity Building
With a 15-year fixed mortgage, you’ll be making larger monthly payments, which means more of your money goes towards the principal balance right from the start. This accelerated payment schedule allows you to build equity in your home much faster than with a longer-term loan. Building equity quickly is beneficial if you plan to sell your home in the future or need to draw on home equity for other financial reasons.
Quick Path to Ownership
Opting for a 15-year fixed mortgage means you’ll be free from mortgage debt in half the time it takes with a 30-year mortgage. This can be especially attractive for individuals approaching retirement or those who simply prefer the peace of mind that comes with owning their home outright. Being debt-free sooner also frees up your monthly budget for other investments or expenses, providing financial flexibility in the long term.