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15 Year Fixed Rate Mortgage - Part Five On Mortgage Affordability

What are you doing in September of 2024? Hint: That date is 15 years away!

On my website Get-Your-Best-Mortgage-Rate I tell about this guy Tucker who keeps asking himself what he is doing wrong. Why is he still driving his old truck and not a Ferrari like he's always wanted. He works hard but sees younger guys driving the car of his dreams.

I won't repeat the rest of the story because you can read it for yourself. But don't forget to because whether or not you know someone named Tucker or someone named Donald, you will enjoy the rest of the story.

It tells the secret to saving nearly $128,000. [And that is not taking into account a 15 year fixed rate mortgage carries a lower interest rate typically than its 30 year counterpart.]

So! Are you a Donald or a Tucker or maybe a combination of both? Not sure? Read more at How To Use A 15 Year Fixed Rate Mortgage and decide for yourself.

Yours in the dream of home ownership, Kate Ford

Realtors can advertise FREE here on Kate's => Real Estate Directory USA

Mortgage professionals advertise FREE here on Kate's => List of Mortgage Companies

Get-Your-Best-Mortgage-Rate.com and Prime-Real-Estate-Articles.com

Posted by Kate Ford Mortgage Translator on 09/11/2009 07:58 AM

Comments (8)

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8 Comments on 15 Year Fixed Rate Mortgage - Part Five On Mortgage Affordability

SEP

Kate, I have done 2 fifteen year mortgages and the payment was not much higher at all. When I sold the homes I had this thing called equity?

It is amazing the amount of interest saved PLUS being paid off in 15 years. Thanks for the great information & the mortgage calculator.

Terry, a thing called WHAT? 15 years fixed rate mortgages can help with that! :) Kate

Susan, That's right. Money saved by not paying all of that interest and payment-free 15 years earlier. It's a double bonus. And you are welcome. This mortgage payment calculator is nice because a personalized amortization schedule can be printed. :) Have a great day, Kate

SEP

Hi Kate. I always enjoy clients who ask for 15 yr. mortgages. Not too many can afford the higher payment - but boy - will they save many thousands.

I've got a borrower right now who is ready to lock - and he will get 4.25%! Awesome...

Thanks for raising the visibility of the 15 year mortgage.

Rick, how succinct: Raising the visibility. Thanks, Kate

PS Rick, watch for mortgage affordability part six later this week-end. :) Kate

Hi Kate: This is great advice - we have too much debt in America - the 15 year mortgage is the perfect solution.

Matt, My dad is not aware of any mortgage but the 15 year. Old school of course but I think some of the old school is making a comeback in our thinking after the past few years. Worth a reconsideration for sure.

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