For as low as 30-year fixed rate mortgage rates are in Atlanta Georgia today, 15-year fixed rate mortgage rates are even lower. IAs a home inspector in the Atlanta area, I am always talking with lenders about the different programs available to the public. Each and everyone of them clain that it is a great time to buy!
According to Freddie Mac’s weekly mortgage rate survey, the average 15-year fixed rate mortgage rate is now 3.27% nationwide with an accompanying 0.8 discount points. 1 discount point is a closing cost equal to 1 percent of your loan size.
The current 15-year fixed rate reading is just one tick above the all-time, 15-year fixed rate mortgage low of 3.26% set in October 2011.
If you’ve ever thought of “going 15″, it’s a terrific time to talk to your lender. If you need a great lender, give us a call at 404-788-2580 and stay on the lookout at our site for future vendors.
The primary benefit of using a 15-year fixed rate mortgage as opposed to a 30-year fixed rate one is that a 15-year fixed rate mortgage dramatically cuts the long-term interest costs of your loan. The downside is that monthly payments are relatively large.
At today’s mortgage rates, per $100,000 borrowed :
- 15-year fixed rate mortgage : $704 principal + interest monthly
- 30-year fixed rate mortgage : $477 principal + interest monthly
So, for homeowners opting for a 15-year fixed rate mortgage, the monthly principal + interest payments will be 48% higher as compared to a 30-year fixed rate mortgage of the same loan size. Long-term, however, because the 15-year fixed rate mortgage interest rate is lower and because it pays off in half the time of a 30-year loan, a homeowner will save $45,000 in interest costs per $100,000 borrowed.
$45,000 per $100,000 borrowed is a huge amount of savings. It’s monies that can be used for college tuition, home improvement projects, retirement savings, or anything else.
That said, the 15-year fixed rate mortgage is not ideal for everyone.
Because it requires higher monthly payments, a 15-year fixed rate mortgage may add stress to your household budget. Furthermore, once you commit to a 15-year loan term with your lender, you can’t revert back to a 30-year loan term without a refinance and refinances can be costly.
Therefore, be sure of yourself when selecting a 15-year fixed rate loan. The rewards are great, but the risks can be, too.
When you find your dream home, make sure that you get a thorough home inspection in Atlanta, GA from the home inspector Atlanta, GA, David & Bonnie Lelak of IHI Home Inspections, they serve Atlanta and all of North Georgia. Call us today at 404-788-2581 for a thorough home inspection in Atlanta. We won’t let you buy the money pit. You can also schedule your Atlanta home inspection today online. We create Peace of Mind One Atlanta home inspection at a time. Be sure to check out all the other reasons other customers chose IHI Home Inspections at our original website.
The choice is yours, “Cheap Charlie” or “Thorough David” you decide. If you want a thorough Atlanta home inspection for a reasonable price call us today at 404-788-2581, you’ll be glad you did.