There are hundreds of options when it comes to choosing a home mortgage in Plantation. One of the most popular choices is a 15-year fixed-rate home mortgage. Over 80 percent of homebuyers select this type of plan. If you are buying your first home, then we know how confusing this terminology can sound. Luckily, there are professionals who can help walk you through the maze.
What is a 15-year Fixed-Rate Home Mortgage in Plantation?
The basic definition of a 15-year fixed-rate mortgage is relatively simple. 15 represents the length of the loan term. Secondly, a fixed-rate loan means that the monthly interest payments will stay fixed throughout those fifteen years. This is the dividing factor between fixed-rate and adjustable-rate mortgages, as adjustable-rate options may fluctuate as time goes on. The monthly payment itself will also remain the same, regardless of the changes in the market during those fifteen years. For homebuyers, this is often a preferable option as the monthly amount is reliable and constant.
It is important to note that not all homebuyers will keep the home for the full length of the repayment term but at least homebuyers know that during their property ownership, the payment will remain the same. While long-term fixed-rate loans are some of the most popular, it does not mean that this loan is right for everyone.
At Ace Mortgage Loan Corp., we’ve been helping people achieve their American dream since 1996. Our staff can help new homebuyers research and choose mortgage options that are in their best interest. If you’re looking for a home mortgage in Plantation, allow our team of seasoned experts to help. Your home mortgage is a commitment, which means that there is no room for errors. Rest easy and call the professionals at (954) 777-4774.