Definition

• Fixed-rate loan with stable payments over 15 years.

Ideal Borrowers

• Clients looking for stability and speedy payoff

Down Payment

• Typically none required for refinancing.

Benefits

• Faster equity buildup and lower overall interest.

Usage Limit

• No restrictions.

Strengths

• Shorter term with less interest paid overall.

Considerations

• Higher monthly payments compared to 30-year.