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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