15-Year Fixed Rate Mortgage
Get a FREE quote on a 15-Year Fixed Rate Mortgage and save thousands over the life of your loan.
The Lowdown 15-Year Fixed Rate Mortgage...
Do I Qualify?
Qualification requirements for a 15-Year Fixed Mortgage are similar to other home loans but may be slightly stricter since monthly payments are higher. Lenders will review:
- Credit score and history
- Income stability and employment
- Debt-to-income ratio
- Down payment and assets
If your income supports a higher monthly payment, a 15-year term could help you save tens of thousands in interest over time.
Why Choose a 15-Year Fixed Rate Mortgage?
A 15-Year Fixed Mortgage offers lower interest rates compared to longer-term loans, while ensuring your payment stays constant for the entire term.
Homeowners often choose this loan to:
- Save on interest by cutting the loan term in half
- Build home equity faster
- Become mortgage-free sooner
- Lock in a stable rate for long-term financial security
While monthly payments are higher than a 30-year loan, the overall savings and faster path to full ownership make this option attractive for many financially stable borrowers.
The 15-Year Fixed Rate Mortgage Loan Process
- Check Eligibility:Review your income, credit score, and debt-to-income ratio.
- Choose a Lender: Compare lenders offering 15-year fixed-rate mortgages.
- Get Pre-Approved:Submit financial details to get pre-approval.
- Find a Home:Search for a property within your budget.
- Submit Application: Complete the loan application with required documentation.
- Home Appraisal:Lender orders an appraisal to confirm the property's value.
- Loan Processing:Lender reviews your application and approves the loan.
Benefits of the 15-Year Fixed Rate Mortgage Loan Process
- Lower Interest Rates: Typically offers lower interest rates than 30-year mortgages.
- Faster Equity Building: Pay off your loan faster and build equity quicker.
- Interest Savings:Less interest paid over the life of the loan compared to longer terms.
- Predictable Payments: Fixed monthly payments for the entire 15-year term.
- Debt-Free Sooner: Own your home outright in half the time of a 30-year loan.