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Home / Blog / Mortgages / 4 Reasons to Consider a 15-Year Mortgage

4 Reasons to Consider a 15-Year Mortgage

July 22, 2014 By Mary Catchur

Benefits of a Shorter Term Mortgage.
Benefits of a Shorter Term Mortgage.

There are numerous benefits to a 15-year mortgage, since it is paid off more quickly than a longer term mortgage.

Here are 4 benefits of a 15-year fixed mortgage that you may want to consider.

#1 Pay Off Your Home More Quickly

There is something about the financial freedom achieved by owning a home, free and clear from a mortgage.

One of the biggest advantages of a 15-year mortgage, over a longer term loan, is that your home will be paid off more quickly. Not only will this save you a lot of money, you will have the financial freedom of owning your home free and clear of a mortgage. 

#2 Pay Less Interest

With a 15-year fixed mortgage, you will pay less interest compared to a longer term mortgage.

If you had, for example, a 30-year mortgage, there would be twice as many years in which interest would add up. As a result, you could pay more than double the amount in total for your home.

With a 15-year mortgage, you reduce the time to pay it off, reducing the amount of interest you pay.

#3 Get Lower Rates

With a 15-year mortgage, you’ll typically get a lower interest rate than a 30-year mortgage. With a lower interest rate, you will save additional money over just paying off your mortgage more quickly.

If you would like to experiment with mortgage rates and mortgage terms, here are some tools:

  • Mortgage Rates
  • Mortgage Calculator

#4 Enjoy Retirement Without a Mortgage

Many people dream of retiring with a mortgage payment, which allows many retirees to do the things they weren’t able to do while working, such as travel.

One of the benefits of a 15-year mortgage can be spending retirement without a mortgage payment, since the mortgage is paid off more quickly.

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A 15-year mortgage may be more affordable than you think, and could save more money than you imagine.

If you would like to learn more about 15-year mortgages, email or call our office to speak with a mortgage counselor.

Editor's Note: This syndicated content is edited by Marimark Mortgage before we distribute it, to better inform our readers.

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Filed Under: Mortgages Tagged With: 15 Year Mortgage, Mortgage

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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