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For decades, a 30-year fixed-rate mortgage was the standard term for most homebuyers. Now, in a period of new thriftiness, demographic changes and an aversion to taking on more debt than is necessary, the 15-year fixed mortgage is gaining popularity.
Broadly speaking, there are three types of buyers that tend to choose a 15-year mortgage:
There are several advantages to financing a mortgage over a shorter time period. They include:
The difference between a 30-year mortgage and a 15-year mortgage can best be seen by looking at an example. Note: the rates below are used only as a demonstration. We'll look at a $150,000 mortgage loaned at 5% for 15 years or a slightly higher 5.2% for 30 years. (Longer-term mortgages typically carry a slightly higher rate.)
Whether you're shopping for 15-year fixed rates or other fixed rate mortgage options, Citizens Bank has home loans designed to fit your particular needs. You can learn more about our mortgage rates and apply for a mortgage online today. Alternatively, you can contact a Citizens Bank home loan advisor at 1-888-514-2300 for more information.
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