15-Year Fixed-Rate Mortgage Explained | Quicken Loans Education
Published on Oct 27, 2014
The 15-year fixed-rate mortgage is a popular choice for homeowners and home buyers for many reasons. You’ll save thousands of dollars in interest compared to a 30-year fixed mortgage, and you’ll pay off your home in half the time. The 15-year fixed is amortized over 15 years, meaning you’ll have 15 years of monthly mortgage payments at a rate and payment that will never change. The 15-year fixed is a conventional loan that’s also available in an FHA loan and a VA loan. For more information on 15-year fixed mortgages, go to http://www.QuickenLoans.com/Home-Loan….