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15-Year North Carolina Mortgage Rates
Looking for information and assistance in choosing a 15-year mortgage rate that suits your needs? First Bank has a North Carolina location nearby that can help you with your decision to invest in a 15-year mortgage.
15-year North Carolina mortgage rates can vary and depend on a number of factors with your application, but to get a rough idea of the current average rates check out the Mortgage News Daily.
15-Year North Carolina Mortgage Rates | First Bank
First Bank offers conventional fixed-rate mortgages in terms of 15, 20, and 30 years. Our 15-year fixed-rate mortgages offer predictable monthly payments, as your interest rate and your total monthly payment of principal and interest will remain the same for the duration of the loan.
Benefits include:
- Predictable monthly P&1 payments allow you to budget easily
- Protection from rising interest rates for the duration of the loan
- Overall interest paid on 15-year mortgages will be less than other longer-term loans
Understanding Mortgage Rates in North Carolina
One advantage of a 15-year mortgage rate is that it has a more competitive interest rate than that of its 30-year counterpart. A 15-year mortgage rate may allow the borrower to pay less interest over the duration of the mortgage and build equity more quickly.
However, the disadvantage is that your monthly mortgage payments might be higher than that of a 30-year mortgage because you are essentially paying off the mortgage in half the amount of time.
Mortgage rates come in the form of fixed or adjustable. The advantage of a fixed-rate mortgage is that your interest rate and mortgage payments will never change during the lifetime of your mortgage. Because of this stability, fixed-rate mortgages are the most popular kind of home mortgages.
Adjustable rate mortgages (ARM) come with a fluctuation of interest rates from year to year that are dictated by and reflective of the market.
Regardless of the type of the mortgage you choose, the payment of principal itself is only a portion of what’s included in a monthly mortgage payment. Borrowers also must pay the interest, and typically property tax, property insurance, and sometimes mortgage insurance.
Compare 15-Year NC Mortgage Rates at First Bank
First Bank has several convenient locations in North Carolina and offers mortgages of all types for homes and businesses. Get a free consultation from one of our mortgage experts and take the first step toward your 15-year mortgage today.
For more information about First Bank, check out some of our related articles:
What Are 15-Year Mortgage Rates
Loans subject to credit approval. Equal Housing Lender. NMLS #474504.
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Sources:
Mortgage Daily News: http://www.mortgagenewsdaily.com/mortgage_rates/north-carolina.aspx
About: http://financialplan.about.com/lw/Business-Finance/Personal-finance/15-Year-Mortgage.htm
Investopedia: http://www.investopedia.com/articles/pf/05/031605.asp