VANDYK MORTGAGE FORT MYERS
15 YEAR CONVENTIONAL MORTGAGE
15 Year Conventional Loan
Best for:
Buyers who are interested in a shorter loan term and able to make higher payments.
What it is:
The 15-year Conventional Loan is fully amortized over a 15-year period and features consistent monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast.
15-Year Fixed Loan Pros and Cons
Pros:
Lower interest rate than 30 year fixed
Shorter term – pay your loan off faster
PMI will cancel once 20% equity is reached
Cons:
Higher monthly payment due to shorter term