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Did you know Conventional 15yr rates DO NOT penalize you for lower credit scores, unlike 30 year rates?
Did you know Conventional 15 year rates do not penalize you for lower credit scores, unlike 30 year rates? They do not!!  So a client with a 680 would get the same 15yr rate as a client with a 740 credit score. Lets say you are buying a home of $250,000 with a 20% down payment and you have a 675 credit score.  Your 30 year rate would be 5%(apr 5.48%), but the 15 year rate would be 3.75%(apr 4.25%).   For this example the principal part of your mortgage payment for a 30 year mortgage would be $1074 and the payment for the 15 year payment would be $1454.
Is the 15 year mortgage for everyone, no.  But, it could be the right mortgage option for you.  Especially if you do not want to pay a Higher Interest Rate.  Make sure you know all your options when getting a mortgage. 
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