Our affiliates 15 Year Fixed Mortgage Rates Are Low & Our Process is Quick & Painless
A 15 year fixed rate mortgage is fully amortized while featuring constant monthly payments that are the same amount. Advantages include shorter amortization term, savings on total interest paid vs a 30 year fixed plus you may get a lower interest rate. That said, a 15 year fixed mortgage does come with a higher monthly payment. As a result, many borrowers take a 30 year fixed mortgage while voluntarily making additional or larger monthly payments designed to pay off their loan in 15 years. Going with this approach could reduce stress associated with committing to a higher monthly payment, since the difference in interest rates isn’t that great.
Our process helps with understanding by explaining differences between various loan programs. This proactive approach now allows you to select the ideal loan program for the first-time home or seasoned investor.
Typically, when completing the Mortgage process, the buyer selects an Adjustable Rate or Fixed Rate Mortgage resulting in the new home owners mortgage payment adjusting or remaining fixed over the life of the loan. Understanding your new mortgage payment, based on your home loan product can result in a lighter budget causing higher priced homes to more in reach for some as the monthly payment is often lower with adjustable mortgage products. Contact our home loan expert for a free Rate and monthly payment quote or schedule an online meeting today.
All rates, APRs, fees and monthly amounts are estimates only and cannot be guaranteed. The information provided is for descriptive purposes only and is only a contingent offer, which may change and may not be available in all Cities and States, and is based on the required loan amount and creditworthiness determined by the lender of choice. Your financial information must be verified and subject to formal loan approval by the selected lender.
Consumers that complete the online pre-approval process will receive payment quotes from lenders. The mortgage offers from lender affiliates are finalized with the Lender Affiliate Only. Chicago IL Mortgages does not cover all mortgage companies or all of the types of offers available. Affiliate Mortgage lenders determine the underwriting criteria required for approval; You need to look at the terms of the affiliate lender to find out what loan is available to you and your personal financial situation.
Every reasonable effort is made to provide and maintain accurate information. All fees, charges and conditions are without warranty and are subject to change at the discretion of each affiliate lender. There is no guarantee that your loan will be approved or that you will be entitled to the announced fees, charges or conditions after approval.
Generally, it can be more difficult to qualify for fixed rate loans than for variable rate loans. When interest rates are low, fixed rate loans are usually not much more expensive than adjustable rate mortgages and can be a better deal in the long run because you can lock in the rate for the duration of your loan.