A 15-year fixed-rate mortgage has a repayment term of 15 years. It offers borrowers a fixed interest rate and monthly payments throughout the life of the loan. The advantage of a 15-year fixed-rate mortgage is that the property is paid off in half the time of a 30 year fixed loan, with typically lower interest rates.
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When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
Mortgage rates change daily and vary depending on your unique situation.
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