A 15-year fixed mortgage usually comes with a lower rate and far less total interest. Get a free quote to see your payment.
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.
We're here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE 15-Year Fixed Rate Mortgage Qualifier.
We'll help you clearly see differences between loan programs, allowing you to choose the right one for you.
A 15-year fixed mortgage works like a 30-year fixed: your rate and principal and interest payment never change. The difference is speed. Because you pay the loan off in half the time, you build equity much faster, and rates on 15-year loans typically run lower than 30-year loans.
The tradeoff is a higher monthly payment. If you want the savings but aren’t sure about committing to the bigger payment, another option is a 30-year loan with extra principal payments whenever you can afford them. We’ll show you both side by side so you can decide.
A strong fit if you: have room in your budget for a higher payment, want to be mortgage-free sooner, or are refinancing and want to shorten your remaining term.
Here's how our home loan process works:
Because the payment is higher, lenders look closely at your debt-to-income ratio on a 15-year loan. Credit, down payment and reserves work the same as any conventional loan. Run your numbers to see what a 15-year payment looks like next to a 30-year.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
