Who is the King of 15 Year Mortgages?

If you have been living under a rock or on a deserted island you may not know about the historic low mortgage interest rates.  Since statistics have been kept in 1933, never before have mortgage rates been this low in our nations history.  The lowest fixed rates of all are the 15 year variety.  They are below 3 and quite possibly dropping further.  A little know fact about 15 year mortgages is that only 1% of the population actually obtains a 15 year mortgage.  Most people want the comfort of the lowest payment available to them, thus they choose the 30 year option.  I am drawn to the fact that the interest rates are as much as .75% lower for a 15 year than a 30 year mortgage.  You would think that the payments would be comparable to each other, but they are not.  The payment is roughly
$ 200 higher for a 15 year mortgage for each $ 100,000 borrowed.  It scares most borrowers to death. But if you compare the current rates of people who have purchased their homes in 2007 and are still making payments based on interest rates in the 6% range, the 15 year payment at today's rates are comparable to what they are currently paying. If you can afford the payment now you should be able to afford the new payment at 15 years in the future.  Most borrowers can shave off 10 years on their mortgage and still be at a comparable payment to what they are currently paying.  Since I show this analysis to most customers, I have seen a dramatic increase in the number of borrowers obtaining 15 year mortgages.  My percentage of customers getting 15 year mortgages is 600% higher than the national average.  Did you know that there is no credit score requirement for a 15 year mortgage other than the minimum 620.  There is no effect on the interest rate charged.  Maybe you should consider a 15 year mortgage.  Come to the King of 15 Year mortgages for your next loan.

Andrew Williams
NMLS # 118317
Abacus Regional Mortgage
484 695 5972