Real Estate City Information: Mortgages

Fixed-Rate Mortgages

15-Year Fixed-Rate: This shorter-term mortgage will save you a significant amount of interest over the life of the loan. By paying off the mortgage more quickly, you also build up equity in your home sooner. This may be important if you are approaching retirement or have other large expenses to cover, such as financing your children's education. However, the monthly payments you make on a 15-year mortgage will cost you more than those you would make on a 30- or 20-year loan.