15-Year Fixed Rate Mortgage
The Lowdown 15-Year Fixed Rate Mortgage...
Do I Qualify?
Our 15-Year Fixed Rates Are Low & Our Process is Quick & Painless
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 whether you’re a first-time home buyer or a seasoned investor.
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.
