Article provided by: Lynx Mortgage Bank LLC
LYNX Mortgage Bank is known to provide the best 15 yr mortgage pre-approval in NY. Fixed-rate mortgage loans traditionally come with two standard term options. Fifteen-year mortgages and thirty-year mortgages are by far the most common, but they are not the only available options. It is crucial to find out if 15-year fixed-rate mortgages are right for your financial situation.
A mortgage with a fixed rate is one that doesn’t have a fluctuating interest rate. Fixed-rate mortgages maintain the same principal interest rate from start to finish. These types of mortgages have higher rates of interest than adjustable-rate mortgage loans, but many buyers prefer to know the payment amount to expect each month. 15-year mortgage rates allow buyers to lock in a set amount for the duration of the loans. It is possible to get a fixed-rate loan for your mortgage in terms of thirty years, but there are specific requirements.
Is a 15 YR Mortage Better for You?
15-year fixed mortgage rates are not for every buyer because they build equity very slowly, but they have benefited first-time homebuyers. Fixed-rate mortgages with terms lasting fifteen years will be paid off quickly. Thirty-year mortgages might not be paid off in the lifetime of older buyers. Buyers looking to pay off the loan amount without any delay might find fifteen-year terms to be more to their liking.
Anyone who wants the option to change the terms of their loan should consider an adjustable-rate mortgage. These types of loans allow the buyer to alter the originally agreed terms and conditions related to the loan. Interest rates can change, and monthly payment amounts can vary greatly. If you don’t want to be locked into a long term commitment, an adjustable-rate might be the better option for you. Discuss all of your available considerations with a financial professional you trust.
Pros of Fixed Rate Loans at LYNX Mortgage Bank
Fixed-rate mortgage loans cost less money in the long run when compared to adjustable-rate loans. Your credit score can determine which type of loan you are even eligible for. Fifteen-year mortgages often require the buyer to have a higher than average credit score. Those with uncertain financial futures can rely on the consistency of a fifteen-year mortgage. At LYNX Mortgage Bank, we can help you review your options, find what works for you, and get you preapproved fast.
The cons of these loans include higher monthly payments and less affordability. Buyers will be limited in their housing options because of the conditions of the loan. These are all important matters you can discuss with one of our agents at LYNX Mortgage Bank. Buyers who can pay any rate higher than the fifteen-year amount could face financial hardships later on down the line.
Different Mortgage Loans and Programs to Choose From
At LYNX Mortgage Bank, we can connect you to many mortgage programs that are suitable for your financial situation. Give our team a call by dialing 1-877-599-LYNX to learn more details about our available products and solutions. We can explore your mortgage possibilities together as a team!