15 Year Fixed Rate Mortgages

Discover the benefits of choosing a 15 Year Fixed Rate Mortgage from Empower Capital Group.

Empower Capital Group is a leading provider of home financing opportunities across California. We’re pleased to offer 15 Year Fixed Rate Mortgage solutions to help buyers finance a home purchase or refinance an existing loan, giving them a shorter amortization period, a rate that doesn’t increase – ever – and competitive interest rates to help keep their payments affordable.

Explore the benefits of choosing a 15 Year Fixed Rate Mortgage from Empower Capital Group today and reach out to us for a free, no-obligation rate quote.

Ready to learn more about our 15 Year Fixed Rate loan options? Call us today for a free quote and mortgage consultation

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What are the Benefits of a 15 Year Mortgage?

With a 15 Year Mortgage, homeowners have a shorter amortization (repayment) period than the typical 30 year loan option. Since the loan is half the length, 15 Year Mortgage borrowers can pay off their home loan in half the time as a 30 Year Mortgage borrower.
Since the amortization period is shorter, the homeowner has the ability to build equity in their home much faster than they would with a traditional 30 year loan.

With a shorter amortization period, borrowers won’t have to carry a loan balance for as long, helping them save on overall interest. Likewise, with more of each monthly payment going toward principal each month, a 15 Year Mortgage borrower can usually pay off the interest much faster than a 30 Year Mortgage borrower.

What are the Drawbacks to a 15 Year Mortgage?

The chief concern for borrowers considering a 15 Year Mortgage is the higher monthly payment. Since the amortization period is shorter than a typical mortgage, 15 Year Home Loans usually have higher monthly payments. By contrast, a 30 Year Mortgage would likely have more affordable payments, since the amortization period is stretched out over a longer period of time.

A higher monthly mortgage payment may mean borrowers will have less “buying power”; in other words, they may have to lower their home buying budget and search for homes that are priced lower in order to keep their payments affordable.

For example, a 30 Year Mortgage on a $200,000 home (assuming a 3.95% interest rate and 20% down payment) would be around $760 per month, not including property taxes and homeowners insurance.

By contrast, a 15 Year Mortgage on the same home would likely have payments over $1,1000 per month. In order to keep monthly payments closer to the $700-$800 range, the home buyers would probably need to modify their home search to properties priced below $150,000.

Is a 15 Year Fixed Rate Loan not exactly what you’re looking for? We have a wide selection of mortgage options available, including 30 Year Fixed Rate Mortgages, Adjustable Rate Mortgages and more. Explore our full line of mortgage programs today to find the right loan for your needs.