15-Year Fixed Rate Mortgages Look Cheap Compared To Comparable 30-Year Fixeds

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Mortgage and Lending with Chris Brown | Certified Mortgage Planners NMLS 303797

 

Comparing 30-year fixed to 15-year fixed (2006-2011)

It's a great time for Lake Mary buyers and homeowners to look at the 15-year fixed rate mortgage.

According to Freddie Mac's weekly Primary Mortgage Market Survey, the relative "discount" of a 15-year fixed rate loan as compared to a comparable 30-year product is the largest in recorded history. The interest rate spread between the two benchmark products is now 0.77%, nearly double the recent, 5-year average of 0.44%.

Despite its lower rates, however, homeowners that opt for a 15-year fixed mortgage should be prepared for higher monthly payments. This is.....

 

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15-Year Fixed Rate Mortgages Look Cheap Compared To Comparable 30-Year Fixeds

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Rainer
109,265
Joe Sosky
KW Commercial - Vancouver, WA
Commercial Real Estate Broker - (360) 816-9652

When considering a purchase on a 15 year note with the idea of eventually turning it into an investment property, the home will be paid for in no time at all with great equity for retirement. Imagine buying five $200,000 homes in the next 7 years at 3.5% down.  Retirement all of a sudden looks alot more comfortable. 

Mar 26, 2011 01:27 AM #1
Rainmaker
722,837
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Morning Chris

Thanks for the post and mortgage update. Have a great day

Mar 26, 2011 01:27 AM #2
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Rainmaker
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Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner

Chris Brown 407.367.2974
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