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15-year Mortgage

Choosing the fixed-rate loan term that best suits your financial needs is imperative in deciding a mortgage budget. At Spire Financial (A Division of V.I.P. Mortgage Inc.), our loan team can help determine if 15-year mortgage is right for you. Several variables should be considered, including down payment size, home price compared to income and other debt, and overall cash flow considerations. Our loan experts are here to help guide your decision.

The Benefits of 15-Year Mortgages

15-year mortgages are perfect for many different buyers because they reduce risk and deliver cost savings. Although monthly payments may be higher, a 15-year fixed-rate loan generally equates to a lower interest rate compared to those associated with a longer-term loan. Shorter terms can equate to being mortgage-free faster, allowing reallocation of money when the loan is paid off.

Get the Best Interest Rates Possible

When you pay more up front, it reduces the amount you owe, ensuring you get the best interest rates. While several factors are considered, rates on 15-year fixed-rate loans tend to be better, as there is less risk associated with the shortened term. Additionally, opportunity cost is lower for banks with this type of mortgage, as they pay less to make loan terms shorter.

Build Equity in Your Home Quicker!

Due to a shorter amortization schedule, home buyers with this type of financing will likely pay significantly less over the life of the loan than those with a longer-term option, helping them build equity faster. When you opt for a 15-year mortgage, you’ll also have a lower loan-to-value ratio, which helps if you decide to refinance your loan at a later date.

Spire Financial brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.

Other Locations for 15-year Mortgage



V.I.P. Mortgage, Inc. DBA Spire Financial does Business in Accordance with Federal Fair Lending Laws. NMLS ID 145502. For state specific licensing, visit www.vipmtginc.com/national-licenses/. V.I.P. Mortgage, Inc. is not acting on behalf of or at the direction of the FHA/HUD or the Federal Government. This product or service has not been approved or endorsed by any governmental agency, and this offer is not being made by any agency of the government. V.I.P. Mortgage, Inc. is approved to participate in FHA programs but the products and services performed by V.I.P. Mortgage, Inc. are not coming directly from HUD or FHA. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions may apply. This is not an offer to enter into an agreement. Not all customers will qualify.

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