15-Year Fixed Rate Home Loans
A mortgage that fits you:
These rates are current for , but ask us about a free rate lock.
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15-Year Fixed Mortgage Loans
Rate*:
4.250%
Origination: 1.0% Fee
APR*:
4.478
This rate became effective on:
11/19/2009
Notes: This is one of many programs we
offer. Please visit us or
contact a mortgage
specialist to see if it's perfect
for you. You can also apply
on line right now.
Best Choice If:
- You want to own your home more quickly
- You plan to retire within 15 years
- You want to retire debt free and want to live in the home after you retire
Advantages:
- Fixed rate of interest
- Cuts the length of a typical mortgage in half
- You'll save a significant amount of money in interest payments
Disadvantages:
- Your monthly payment may be a significantly higher than a 30-year loan payment
*Annual Percentage Rate. Rates and fees
will vary depending on the terms of the loan. APR calculation is based on a
$100,000.00 loan amount, with a 1.00% loan origination fee (1.50% for manufactured
homes), at 80% Loan to Value (75% for Investment Properties) and based
on a 740 FICO score. Loan programs and rates are subject to change without notice.
Rates listed are those that are offered to consumers with "good" credit
characteristics and terms may vary based on the credit worthiness of the individual.
Rates and terms may be affected by the loan's purpose, amount financed, or by the
type of property.
**Northwest Community is providing
information about the First-Time Home Buyer Tax Credit for general awareness only and
not as legal or tax advice. Before you make any decisions, speak with a professional
legal or tax consultant to see how this credit would work in your particular situation.
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This loan can save you a lot of money . . . . if you're comfortable with higher
monthly payments
Like our other fixed-rate loans, this program maintains its original interest
rate throughout the life of the loan. [Any change in monthly payments will be due to
changes in insurance rates or taxes that naturally occur over time.]
Changes in market rates won’t affect the amount of interest you pay because your rate is
"fixed" in place.
A 15-year fixed rate mortgage may be a good choice if you plan to retire in less than 15
years. Then again, fixed rate mortgages also come in 20- and 30-year terms, so you
could increase the length of your loan in order to get lower monthly payments.
You could even choose to take out a 30-year term (so you don't lock yourself into
higher monthly payments), but add in extra payments to pay it off early.
By paying extra each month towards the principal, you can save thousands of dollars.
See our calculator for the
benefits of early pay-off here. Or,
use our loan amortization
calculator to examine how term and rate will affect your payments and total amount
paid in interest.