Prodigy Lending And Mortgage Rates In DeSoto, Texas
WHY PRODIGY LENDING IN DALLAS?
With its ballooning population, Dallas is a ready market for mortgages. It is the ninth most populated city in America with millions of people streaming in from around the country and the world. Based in Texas, Prodigy Lending is a center of excellence when it comes to mortgages and home loans. This can be attributed to our experienced team and our existence for over seventeen years in the industry. Our team is always ready to offer advice to our clients and address any concerns that you may have on a home loan. Since we value excellence, we have ensured that our staff is working in good conditions and we have been recognized as a top workplace for the past eight years since 2011.
With such a wide real estate market, home loans are given at very competitive rates that appeal to homebuyers and that can be found at Prodigy Lending. At Prodigy Lending, we tailor-make mortgages and mortgage rates to fit the client’s needs through our various mortgage plans such as the 15-year fixed mortgage rate.
Mortgage rates are fixed and decided upon considering the lifetime of the loan. A 15-year fixed-rate mortgage is a home loan with a repayment plan of 15 years. The borrowers or homebuyers agree. 15-year fixed mortgages have their advantages and disadvantages. One long-term advantage is it’s cheaper than other mortgage options (30-year fixed and 5/1 ARM)
15-year fixed mortgages have lower interest rates
Throughout history, interest rates of the 15-year fixed mortgage plan are lower than other options. It is thus able to boost the starting point of the borrower.
Less payments are made
When you compare a 30-year mortgage plan with a 15-year plan, there are overall fewer payments made. A 15-year plan has 180 monthly payments while a 30-year plan has 360 monthly payments. Even if one was to get the same rate as a 30-year plan, they would end up paying less (15 years sooner).
Clearing mortgages is a cause for celebration for many people. Paying off the mortgage means that the home is yours. You will not have to stay up late wondering whether the lender is coming. It is one less bill and thus brings mental and financial relief.
A 15-year plan is not the first choice for many people. The higher interest rate means that you repay a larger principal each month than with a 30-year plan.
You qualify for a lower mortgage amount
Unlike the 30-year plan, the 15-year plan will decrease the viability of the borrower. A shorter payment period means that the borrower’s loan limit will decrease.
A homebuyer can always opt for refinancing but at extra costs. They can move over to a 30-year plan. This will eat into their pockets since it would mean getting new documents and loan originations. Also, this refinancing can affect the credit-worthiness of the borrower.
In this era, where customer information is very sensitive, we at Prodigy Lending value your trust and relationship therefore, all the information you give us is private and secure.
Visit our offices today or contact us at https://prodigylending.com for more information.