Close spiff

Ready to see how much money you can save on your monthly mortgage payment?

15 Year Fixed Rate

What is a 15-year fixed rate mortgage?

A 15-year fixed rate mortgage means you will pay off the loan in 15 years with a fixed interest rate throughout the life of the loan.

A 15-year fixed rate mortgage is an attractive option for those that wish to pay less interest over the life of the loan, but it is crucial to understand that your monthly payments will be higher than that of a 30-year fixed rate mortgage because you are agreeing to pay off the loan in less time.

We strongly encourage you to work with an experienced mortgage banker to fully understand your options if considering a 15-year fixed rate mortgage.

Key Things to Remember

  • The lifetime of the loan is 15 years.
  • Can you afford the higher monthly payment in exchange for a slightly lower interest rate? Don’t forget to factor in property taxes, mortgage insurance (if you put less than 20% down), homeowners insurance, HOA fees, utilities and maintenance expenses when deciding on if this loan option fits your budget.
  • With a 15-year fixed rate mortgage, you will be able to pay off your mortgage in less time, and your interest rate will be slightly lower.
  • A 15-year fixed rate mortgage will have higher monthly payments because you are paying off the loan in a smaller time.
  • Trying to decide between a 15-year and 30-year fixed rate mortgage? With a 15-year fixed rate mortgage, you will be able to pay off your mortgage in less time, and your interest rate will be slightly lower.
  • However, with a 15-year fixed rate mortgage your monthly payments will be higher because you are paying off the loan in a smaller period of time than if you had a 30-year fixed rate mortgage.

To learn more about which loan option is best for you, call to speak with one of our expert mortgage bankers or if you're ready, get started today.

Apply Now

 

The above information is for educational purposes only.