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< Fixed Rate Mortgage

15 Year Fixed Rate Mortgage with No Points

When you choose a 15 year fixed rate mortgage, rather than the typical 30 year, you benefit from a lower rate, a chance to build more equity and less interest overall. Paying no points is typically one of the most common scenarios chosen by homeowners.  Why? It results in lower closing costs which benefits most homeowners.  Most people don’t keep a mortgage for more than 5 to 7 years, so there is no point in having higher closing costs, because by the time you have recuperated the closing costs, you have either sold your house or refinanced the mortgage.

So, who shouldn’t pay points?

For refinancing your home:

If you plan on selling your home in the near future (5 to 7 years) then it makes more sense to pay no discount points and go with a limited closing cost loan. Otherwise, by the time you recuperate the cost associated with your interest rate, you would have wasted your money/equity in your home.

For buying a home:

If you have limited funds and don’t plan on retiring in your home, then you do not want to waste money in buying down the rate with discount points.  You would probably rather opt-in for the lowest interest rate with limited closing costs and keep your money in the bank. We would be happy to answer any questions you have about a 15 year fixed rate mortgage.

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When it comes to getting a mortgage

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    Content provided by The information provided on this site is for basic informational purposes only and IS NOT intended as a substitute for professional or legal advice. Notice: My Town Realty (License #: CQ1049127) and Florida Home Funding (NMLS ID: 870878) are both wholly-owned entities of Shahram Sondi (NMLS ID: 186790, License #: BK3225742). Due to this relationship, any referral between these two entities has the potential to financially benefit Shahram Sondi. Under no circumstance are you required to engage the services of one or both of these entities.
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