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21000 N. Pima Road, Suite 100
Scottsdale, AZ 85255
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Financing Your Purchase > Types of Mortgages > 15 Year Fixed Rate

30 Year Fixed Rate
15 Year Fixed Rate
Adjustable Rate Loans
Interest Only Loans
FHA Loans
VA Loans




"Ninety percent of all millionaires become so through owning real estate."
- Andrew Carnegie

Fixed-Rate 15-Year Conventional Mortgage:



This product is similar to the 30-year conventional mortgage, except the loan is repaid in half the time. Interest rates are typically lower than for a 30-year loan, and interest paid over the life of the loan is less, but the monthly payments are usually slightly higher. Government-backed loans (VA and FHA) are also available in 15-year terms. Credit scores of 740 or better will get the best rates.

Hypothetical Home Cost: $400,000
Down payment: $80,000
Mortgage Amount: $320,000
Term of Loan: 15 years
Interest Rate: 4.75%
Monthly Payment: $1,669.30



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