15 YEAR FIXED MORTGAGE RATES IN HOUSTON
Introduction
The fixed mortgage program is a common phenomenon in Houston. You basically apply for a loan
whether for home ownership for the first time, real estate or any other form of refinancing. The 15
year fixed mortgage rate is a species of the 30 year fixed rate mortgage only reduced by half the
number of years of repayment plan. This simply means you’ll have to pay more in order to meet the
short deadline. However, depending on the number of projects in your peril, 15 years is still
reasonably a long-loan program. You can accomplish much with this plan. This article is for anyone
confused about all the mortgaging options out here.
whether for home ownership for the first time, real estate or any other form of refinancing. The 15
year fixed mortgage rate is a species of the 30 year fixed rate mortgage only reduced by half the
number of years of repayment plan. This simply means you’ll have to pay more in order to meet the
short deadline. However, depending on the number of projects in your peril, 15 years is still
reasonably a long-loan program. You can accomplish much with this plan. This article is for anyone
confused about all the mortgaging options out here.
Making sense of the 15 year fixed mortgage
Basically the 15 year mortgage plan is fixed throughout the payment period. This means the interest rate
remains the same from the beginning to the end. This mortgage plan has an interest of 3.6% on average
but can significantly reduce depending on the lender, borrower’s credit score or amount of down payment.
Traditionally the 15 year fixed mortgage program rate is lower than the 30 year plan or other long loan.
This is because the amount payed monthly on rate is more but rate percentage is lower in the long-term.
remains the same from the beginning to the end. This mortgage plan has an interest of 3.6% on average
but can significantly reduce depending on the lender, borrower’s credit score or amount of down payment.
Traditionally the 15 year fixed mortgage program rate is lower than the 30 year plan or other long loan.
This is because the amount payed monthly on rate is more but rate percentage is lower in the long-term.
Factors that will affect your qualification as mentioned include but not limited to having a good credit score.
This will significantly determine whether you will qualify for the loan. Make sure before applying for the
loan clear your liabilities and debts or avoid incurring newer or more debts towards the period you intent
to borrow the money. Secondly your down payment should be improved or increased. This will affect the
amount you will be given and even assist you to get a lower interest rate other than the average one. A
10% down payment is normally the standard one but increasing your down payment to far as 20% or
more will massively improve your loan limit and also has significance in the rate interest.
This will significantly determine whether you will qualify for the loan. Make sure before applying for the
loan clear your liabilities and debts or avoid incurring newer or more debts towards the period you intent
to borrow the money. Secondly your down payment should be improved or increased. This will affect the
amount you will be given and even assist you to get a lower interest rate other than the average one. A
10% down payment is normally the standard one but increasing your down payment to far as 20% or
more will massively improve your loan limit and also has significance in the rate interest.
Most common pros of this loan plan
Some of the advantages of the 15 year fixed mortgage program include the rate remains the same to the
end. If you benefited from a lower interest rate in the beginning like 3.4%, nothing will affect this to the end.
So as you bargain for the rate consider the lender with the best interest rate because this stays to the end.
Secondly the rate interest is much lower compared to other loan programs. This is a key advantage
because the lenders are much willing to keep up with the less risk involved. Thirdly the total cost of the loan
is also lower than other loans. If you are kin you will discover how much you are going to save in the
long-run.
end. If you benefited from a lower interest rate in the beginning like 3.4%, nothing will affect this to the end.
So as you bargain for the rate consider the lender with the best interest rate because this stays to the end.
Secondly the rate interest is much lower compared to other loan programs. This is a key advantage
because the lenders are much willing to keep up with the less risk involved. Thirdly the total cost of the loan
is also lower than other loans. If you are kin you will discover how much you are going to save in the
long-run.
Conclusion
The 15 year fixed loan is a good program for any prudent home owner. The article has clearly given a clear
bird’s eye view picture on this form of loan. Take advantage of the pros that include lower rates and lower
coast of the mortgage.
bird’s eye view picture on this form of loan. Take advantage of the pros that include lower rates and lower
coast of the mortgage.
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