Where to Get 15-Year Mortgage Rates

If you’re ready to buy a home, you’re probably wondering where to get 15-year mortgage rates, or you may just be wondering what a mortgage is. First Bank will go over your options with you and help you determine what type of home loan is best, whether that be a 15-year mortgage, or a 3/3 adjustable rate mortgage.

Types of Loans at First Bank

Before we tell you how and where to get 15-year mortgage rates, we’ll go over some of First Bank’s mortgage options. We offer:

  • Conventional loans
  • Jumbo loans
  • Government loans
  • Professional loans
  • Reverse loans
  • Construction loans

If you are a first time homebuyer, you’re probably looking for a conventional loan. We offer two types of conventional loans: fixed-rate and adjustable-rate.

Adjustable-Rate Mortgages vs. Fixed-Rate Mortgages

Conventional adjustable-rate mortgages (ARMs) have interest rates that will change periodically depending on shifts in a corresponding financial index that’s associated with the loan. This basically means that your rate will change, causing your monthly payment to increase or decrease.

ARMs can be beneficial for some homebuyers because they typically have lower initial interest rates than fixed-mortgages, and they provide homeowners flexibility. First Bank offers ARMs in terms of 4, 5, or 7 years, with a 30-year amortization schedule.

Conventional fixed-rate mortgages offer a more straightforward approach to home buying. With a fixed-rate mortgage, your monthly interest rate never changes, making it easier for you to set a monthly budget. A lot of people prefer fixed-rate mortgages because they offer protection from rising interest rates for the life of the loan. First Bank offers fixed-rate mortgages in terms of 15, 20, or 30 years.

Secure a Mortgage with First Bank

We hope you feel a little more prepared to take on a mortgage and buy the house of your dreams. If you’re ready to apply for a mortgage loan*, visit your local First Bank, or contact our mortgage help center.


*Loans subject to credit approval.

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Sources:

Investopedia: http://www.investopedia.com/terms/a/arm.asp