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.
We’re here to make the home loan process easier, with tools and knowledge that will help guide you along the way, starting with our 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 whether you’re a first-time home buyer or a repeat buyer.
Here’s how our home loan process works:
Paying off your loan quicker isn’t the only advantage this type of mortgage offers. A 15-year fixed-rate loan is roughly the same price-wise as adjustable-rate mortgages (ARMs), assuming interest rates are low. In fact, it might even end up being a better deal since you can lock in your monthly payment rates for the entirety of the loan. If this option sounds like one that makes sense for you, use our free qualifier tool to see if you are eligible!