15-Year Fixed Purchase

A 15-year fixed rate is a great option for homebuyers who have specific plans to pay the home off one day. And while the 15-year fixed rate loan has a higher payment, it will save you tens of thousands of dollars compared to a 30-year fixed loan. The 15-year loan can also be paid off faster than 15 years, for you ambitious homebuyers.

The 15-year fixed rate is typically a full percent lower than the 30-year fixed rate, saving you even more money.

Choosing a rate with little or no fees is a smart idea if you are purchasing your home in an environment where mortgage rate prices are going down. The logic behind choosing a no fee rate is that you can refinance again if rate prices drop a few months later. On the other hand, paying some closing fees now to save a significant amount of money later is often the best choice when buying in a market where mortgage rate prices are stable or increasing.