Looking for information and assistance in choosing a 15-year mortgage rate that suits your needs? First Bank has a North Carolina location nearby that will give you the time and attention you deserve when making such a big decision.
One advantage of a 15-year mortgage rate is that it has a more competitive interest rate than that of its 30-year counterpart. A 15-year mortgage rate may allow the borrower to pay less interest over the duration of the mortgage and build equity more quickly. However, the disadvantage is that your monthly mortgage payments might be higher than that of a 30-year mortgage because you are essentially paying off the mortgage in half the amount of time.
Mortgage rates come in the form of fixed or adjustable. The advantage of a fixed-rate mortgage is that your interest rate and mortgage payments will never change during the lifetime of your mortgage. Because of this stability, fixed-rate mortgages are the most popular kind of home mortgages.
Adjustable rate mortgages (ARM) come with a fluctuation of interest rates from year to year that are dictated by and reflective of the market.
Regardless of the type of the mortgage you choose, the payment of principal itself is only a portion of whats included in a monthly mortgage payment. Borrowers also must pay the interest, and typically property tax, property insurance and sometimes mortgage insurance.
First Bank has 84 locations in North Carolina and offers mortgages of all types for homes and businesses. Get a free consultation from one of our mortgage experts and take the first step toward your 15-year mortgage today.