Fixed-rate loans are often not that much more expensive than adjustable-rate mortgages when interest rates are low. They may be a better value in the long term because you can lock in your rate for the duration of your loan.
This mortgage has consistent monthly payments and is fully amortized over a 15-year term. It has all of the benefits of a 30-year loan with a reduced interest rate, and you’ll own your own in half the time. The downside is committing to a higher monthly payment with a 15-year loan. An alternative is to choose a 30-year fixed-rate loan and make more significant payments so that the loan is paid off in 15 years.
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