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Mortgage Broker Fort Lauderdale FL | Florida State Mortgage Group, Inc.

Florida State Mortgage Group, Inc. are mortgage brokers in Fort Lauderdale, offering a comprehensive selection of loan options. Call us at (954) 359-3000.

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
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Call us for a FREE Consultation

(954) 359-3000

  • About
    • About
    • Living in Fort Lauderdale
  • Loan Options
    • Loan Options
    • VA
    • FHA
    • Conventional
    • Jumbo
    • First Time Home Buyer
    • Self Employed
    • Condominium Mortgages
    • Mortgage Credit Certificate
  • Purchase
  • Refinance
  • Resources
    • Resources
    • Calculator
    • Document Upload
    • Home Purchase Qualifier
    • Refinance Rate Checker
    • Search Home For Sale
    • Home Value Estimator
    • What is Your Credit Score?
  • Blog
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Top Mortgage Broker in Fort Lauderdale Shares About a 15- Year Mortgage

November 24, 2021 by Stephen McWillam

Of all the decisions you will ever make in your life, the purchase of a home will be the most consequential of all.  Needless to say, it will also be one of the largest investments you will ever make as well.  Unless you’ve just won the Powerball or were born into a great deal of wealth, you’ll most likely have a mortgage attached to that purchase. And that would take a while to be paid back. The more common 30-year mortgage is a multi-decade commitment that you cannot walk away from without enduring adverse consequences. It is for this reason that many of today’s home buyers are choosing 15-year mortgages instead. They try to pay it back as quickly as they can to save more. Choosing a 15-year over a 30-year mortgage has a number of potential benefits.  However, there are also two reasons for reconsidering this choice.  

Fort Lauderdale Mortgage Broker

 Choosing a 15-Year Mortgage

  • You might get a lower mortgage rate – keep in mind that the interest rate on your mortgage will affect everything from the amount of interest you pay, how much your monthly payments will be, and the total cost of your home.
  • You will build more equity faster – building equity with a 30-year mortgage can be a painfully slow process as most of your payment goes towards interest rather than principal. When you opt for a 15-year mortgage, you’ll build that equity twice as fast.
  • You will own your home in half the time – this is probably the biggest benefit of the four. It certainly is tempting and possibly the most compelling reason for getting a 15-year mortgage instead of a 30-year note.
  • You will save money – compared to a 30-year mortgage, the savings are significant when you go the 15-year route. Remember, every dollar saved is an additional dollar that you can invest.

While there are several benefits to enjoy when opting for a 15-year mortgage, here are a couple of things to consider:

  • You will be tying up more of your money – building equity quicker is certainly a tempting benefit. However, there’s a serious tradeoff involved when you think about how more of your money will be tied up with a 15-year mortgage.
  • Your payment will most likely be higher – the reason you’ll be paying off your home quicker with a 15-year mortgage is that you’ll be making larger monthly payments. Granted, the lower interest rate might mitigate some of the financial damage, but your monthly payment will be higher.

 Buy A Home or Refinance with Florida State Mortgage Group, Inc.

To learn more about 15-year versus 30-year mortgages, call Florida State Mortgage Group, Inc. at (954) 359-3000 today.

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Fort Lauderdale's Top-Rated Mortgage Company

Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.

We are open Monday - Friday 9am - 6pm, Saturday - Sunday 10am - 4pm.

For additional questions you can call us at (954) 359-3000 or you can find us on Yelp and Birdeye.

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Florida State Mortgage Group, Inc.
1512 E Broward Blvd #204A
Fort Lauderdale, FL 33301
Phone: (954) 359-3000
Fax: 954-449-0283
NMLS# 393326
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Florida State Mortgage Group, Inc, Mortgage Broker, Fort Lauderdale, FL
Equal Housing Lender

Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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