Advantages of a 15 Year Fixed Mortgage

Getting a 15 year fixed mortgage is an option that many home buyers often overlook. With this type of loan, your payments are going to be significantly larger than they would be with a typical mortgage. Even with that drawback, there are some advantages to using a 15 year plan. Here are a few advantages to using a 15 year mortgage.

Advantages

• Pay off house earlier- By using this type of program, you are paying off your house in half the time. By eliminating your house debt earlier, you can move on to bigger and better things sooner.
• Lower interest rates- The interest rate for a 15 year mortgage is always lower than the regular mortgage rate. 
• Pay less for the mortgage- When you are paying a lower interest rate and only paying for half the time, the total interest that you are paying for the loan is quite a bit less. On a typical house, it can amount to well over $100,000 worth of savings over the life of the loan. You could buy another house with the savings in interest.