With 15-year fixed-rate mortgages the interest rate stays the same over the life of the loan, meaning steady and unchanging payments month to month. Borrowers pay principal towards the actual loan amount, and interest on that loan, which is tax-deductible. As principal is paid over time, homeowners build equity in their home. With normal payments, the loan is fully amortized (paid off) in 15 years. These mortgages are a popular option, allowing easy budgeting, quickly building equity, and less interest over time. Drawbacks are higher monthly payments. A popular option for refinancing a 15 year fixed rate is the No Closing Cost Refinance. This is especially the case with the high loan amounts used in California. Ask your lender to quote you a No Closing Cost Mortgage.
Disclaimer
Fixed Rate Mortgage/Adjustable Rate Mortgage Conforming
Rates and fees are quoted on a $200,000 loan for a purchase transaction
of an owner occupied, single-family residence with an 80% loan-to-value ratio.
Rates are subject to change without notice.
Fixed Rate Mortgage/Adjustable Rate Mortgage Jumbo
Rates and fees are quoted on a $450,000 loan for a purchase transaction
of an owner occupied, single-family residence with an 80% loan-to-value ratio.
Rates are subject to change without notice.
“Are you searching for a loan amount of more than $417,000?
Please be aware that recent legislation allows lenders to offer conforming loan rates at a higher loan amount limit based on the county the property is located. For details about the new conforming loan limits, click here.
California
