Raising enough funds to purchase a new home in San Antonio tends to be a hard nut to crack with the increasing prices of properties. Nonetheless, there are very many mortgage loans that you could apply for it acquires the resources that you need. One such mortgage loan that you could apply for in San Antonio is the 15-year fixed rate mortgage. This is a mortgage loan that gives you a timeframe of 15 years to fully service the loan. In addition, during the 15 years that it gives you, you are required to pay a fixed interest rate, without worrying about the market trends. This article will therefore delve into the best people that the 15-year fixed rate mortgage is suited for.
Those with good financial health Your financial health is key to the type of mortgage that you are eligible to apply for. This is because you will be required to pay monthly installments as well as interest rates for the mortgage. You will therefore need to have a stable source of income in order to avoid defaulting on the mortgage. The 15-year fixed rate mortgage, allows you to service your loan within 15 years, after which you get full custody of the home at hand. Therefore, in case you have enough finances to pay the massive amount of monthly installments, then the 15-year fixed rate mortgage ought to be your ideal choice. Those who want to reduce their rates Whenever you qualify for a mortgage loan, you are required to pay a certain percentage of interest rates in addition to the loan’s monthly installments. The interest rates are intended to pay your lender, for giving you the funds that you required at your point of need. Different types of mortgages charges different amounts of rates. The good thing with the 15-year fixed rate mortgage is that it charges low interest rates as compared to other mortgages. Therefore, in case you do not want to pay high interest rates for your mortgage, then the 15-year fixed rate mortgage is your ideal choice. Those on the verge of retiring In case you are on the verge of retiring but you haven’t bought a home yet, then the 15-year fixed rate mortgage ought to be your ideal choice. This is because the mortgage provides that you must service the loan within the 15 year timeframe. This in turn gives you the opportunity to take advantage of your current source of income, as it will be a hard nut to crack to qualify for the mortgage once you retire. You will therefore be able to service the mortgage and acquire your dream home before you retire. |
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