813.910.8020 Apply Now

Mortgage Broker Tampa, FL | Mortgage Lender Tampa Florida | Marimark Mortgage

  • Home
  • Homebuyers
  • Homeowners
  • Realtors
  • Investors
  • About Marimark
  • Contact Us
  • Mortgages
  • Apply Now
  • Current Mortgage Rates
  • Calculators
  • Testimonials
  • Blog
  • Videos
  • Featured In
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.

When looking to purchase a home, you will realize you have many decisions to make. First, you must decide on a mortgage lender and loan that suits your financial circumstances. One major decision is determining whether a 15-year or 30-year mortgage is financially best for you.

Here is a review of a 15-year mortgage loan and the benefits a 15-year mortgage loan can offer homeowners.

What is a 15-year Mortgage?

A 15-year mortgage loan is a home loan that will be completely paid off in 15 years. Homeowners with a 15-year mortgage pay more monthly and typically have a lower interest rate.

15-year mortgages typically have a fixed rate, meaning the principal and interest rates will stay the same for as long as homeowners have the mortgage.

These types of mortgage loans are ideal for those who want to retire mortgage free or for those who simply want to be debt free sooner.

#1 Pay Off Your Home More Quickly

One significant benefit of a 15-year mortgage loan is that you will own your home in 15 years. In addition, your home will be paid off, and you will have the financial freedom of owning your home free and clear of a mortgage.

Many people have the financial goal of being debt-free, and a 15-year mortgage loan will help you achieve that goal sooner.

#2 Pay Less Interest

Another benefit of a 15-year mortgage is the money you will save on interest. With a 15-year fixed mortgage, you will pay less interest than with 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 your interest.

#3 Get Lower Interest Rates

Since 15-year mortgage loans are typically less risky for mortgage lenders, 15-year mortgage loans often have lower interest rates. With lower interest rates, homeowners will save additional money by choosing a 15-year mortgage loan.

15- year Mortgage Benefits#4 Enjoy Retirement Without a Mortgage

One of the most appealing benefits of a 15-year mortgage loan is that homeowners can retire without a mortgage payment. 15-year mortgage loans will give retirees comfort and safety knowing their home is fully paid off.

Marimark Mortgage

Marimark Mortgage is based in Tampa, Florida, and proudly serves homebuyers and homeowners in all of Florida, Virginia, and Pennsylvania.

We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing, and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application, or contact us direct.

Opt In Image
Stay Informed, It's Your Money
Marimark Mortgage Newsletter

The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.

We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.

Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.

Thank you for signing up!

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.

Save with a Mortgage from Marimark

Whether you are buying a home or refinancing, you can save with a mortgage from Marimark Mortgage!

    Search

    Post Categories

    Testimonials

    Refinancing with Mary an absolute pleasure

     
    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
    See More Reviews
    Marimark Mortgage LLC
    5327 Primrose Lake Circle
    Tampa, FL 33647-1328
    (813) 910-8020
    (866) 910-8020

    Accessibility
    Privacy Policy
    Terms of Service
    Sitemap

    Reviews

    Website Testimonials
    Google Reviews
    Zillow Reviews
    Trulia Reviews
    Facebook Reviews
    Yelp Reviews
    BBB A+ Rating

    FOLLOW US

    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    Marimark Mortgage is a BBB A+ Accredited Business

    Recent Posts

    • FHA Announced a 30-Basis Point Reduction to Annual Mortgage Insurance Premiums
    • How Can You Improve Your Credit Score?
    • Historical Mortgage Rates From The 1970s
    • What You Need to Know About Mortgage Forbearance
    • Top Tips to Save Money for a Down Payment

    © 2023 Marimark Mortgage, LLC All Rights Reserved. | Internet Marketing by Image Building Media. | RSS Feed

    Reviews / Recommendations: Google, Zillow, Trulia, LinkedIn, Facebook, Yelp, BBB

    Licensed in Florida by the Office of Financial Regulation, Mortgage Lender License #MLD77.
    Licensed in Virginia by the Virginia State Corporation Commission, License MC#4556.
    Licensed in Pennsylvania by the Department of Banking and Securities, License #40222.
    NMLS#248318 – www.nmlsconsumeraccess.org.