15 Year Conventional Mortgage

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15 Year Conventional Loan

Best for:
Buyers who are interested in a shorter loan term and able to make higher payments.

What it is:
The 15-year Conventional Loan is fully amortized over a 15-year period and features consistent monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast.

15-Year Fixed Loan Pros and Cons
Pros:

Lower interest rate than 30 year fixed
Shorter term – pay your loan off faster
PMI will cancel once 20% equity is reached

Cons:

Higher monthly payment due to shorter term

Unsure which mortgage program will best fit your needs? contact us and one of our home loan advisors will help find a program that best fits your unique situation.