If you are currently looking for a 15-year fixed mortgage to purchase a home in Las Vegas, NV, Blackmon Home Loans can help you. Buy the home you want while still maintaining a sense of financial stability with the predictable monthly payments of a fixed loan.
- Your Monthly Payments Stay The Same
- The Interest Rate Won’t Change
- Cheaper Than Most Other Mortgages
- Can Help You Afford A Larger Down Payment
- Helps You Build Home Equity
- Gets Paid Off Twice As Fast As A 30-Year Mortgage
- Lower Interest Rates Than Most Mortgages
Who Qualifies For A 15-Year Mortgage?
In general, you will need to make a down payment and show proof that you have a strong and steady income stream, have worked for the same employer for at least two years, and have a high credit score in order to qualify.
Fixed Vs. Variable Mortgage: Which Is Better?
While both types of loans have their own unique advantages and disadvantages, fixed loans are a good option for people who want a stable payment schedule. Unlike a variable mortgage or renting a home or apartment (where a landlord can suddenly decide to raise prices once your lease is up), fixed mortgage payments will always stay the same regardless of how wildly the housing market changes.
This predictability can help you plan your finances, meet your long-term financial goals quicker, and give you some peace of mind.
Benefits Of A Shorter Mortgage Term
If you’ve decided that a fixed mortgage is right for you but aren’t sure whether to opt for a longer or shorter term, it may be helpful to look at your financial means and think about your long-term goals. While 30 year home loans generally have significantly lower monthly payments, they take twice as long to pay off, have higher fixed interest rates, and accrue more interest over a longer period of time.
If you are able to afford a 15-year loan, you may be able to become debt-free much faster and spend less money on your house in the long run by choosing this shorter-term option. Ultimately, the type of mortgage that works best for you and your family will depend on many factors, including your age, income stability, other financial goals—as well as the current state of the housing market and average mortgage rates.
Learn More About Las Vegas Home Loans Today
At Blackmon Home Loans, we specialize in helping buyers obtain the financial assistance they need to purchase the property they want. Visit our mortgage calculator page for a free monthly payment estimate, or contact us today for a professional home financing consultation.