Two mortgage executives are hoping to overhaul the 15-year mortgage, making it more readily available to low and moderate-income people.
They say the changes will help borrowers build equity at a much faster pace
than they would with a standard loan. Typically, the monthly payment on
a 15-year loan is higher than a 30-year loan, since the loan amortizes
faster. In order to make the monthly payments more affordable, however, the
Wealth Building Home Loan will have an offering rate that is about
three-quarters of a percentage point below the 30-year FHA rate. The
Wealth Building Home Loan is a 15-year mortgage with a fixed interest
rate that requires little or no down payment and has no additional fees. read more.
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