To qualify for a 15-Year Mortgage, you’ll need to make a down payment of at least three to five percent of the total loan amount. A down payment of 20 percent will result in no Private Mortgage Insurance (PMI), which can be favorable for some homebuyers.
Additionally, you’ll need a credit score of at least 620 to qualify for a 15-Year Mortgage. A debt-to-income (DTI) ratio below 45 percent (or 50 percent, for select borrowers**) is also required.
15-Year Fixed-Rate
Mortgage Loan
fixed payments, fast equity
A 15 Year Fixed-Rate Mortgage Loan is ideal for home buyers who want to get it done fast. With a shorter loan term and more favorable interest rate, you can save thousands and build equity where it counts.
The Benefits
A steady rate
Because of its fixed rate, a 15-Year Mortgage won’t be affected by economic changes.
Consistent payments
Your mortgage payments will never change or increase during the life of the loan.
Less interest
A shorter loan term means a lower rate, which will result in less total interest costs over time.
Stronger, faster equity
Paying off your home faster will quickly increase its value and improve your long-term savings.
Close on your 15-Year Mortgage in 21 days or less*
*Terms and conditions apply. View full details here.
mortgage FAQs
Everything you need to know about 15-Year Mortgage Loans
What are the requirements of a 15-Year Mortgage?
What's the difference between a 15-Year Mortgage and a 30-Year Mortgage?
The short answer? Loan terms and costs. A 15-Year Mortgage lasts for 15 years, and a 30-Year Mortgage lasts for 30 years. However, the length of these loans also affects their monthly payments, interest costs, and more. Let's break it down:
- A 15-Year Mortgage has a shorter loan term. Because of this, it will have a lower interest rate but higher monthly payments. The borrower will pay off their loan faster and spend less on interest accrued by the loan.
- A 30-Year Mortgage has a longer loan term. It will have a higher interest rate but lower monthly payments. The borrower will pay off their loan slower (an extra 15 years) and spend more on interest accrued by the loan.
Learn more about the differences between 15- and 30-Year Mortgages with our online Purchase Calculator.
Is a 15-Year Mortgage right for me?
If you can afford the higher monthly payments associated with a 15-Year Mortgage, it could be a great option for you. You'll pay off your mortgage faster, spend less on interest, and save more in the long term. Check your loan eligibility for free today.
How can I prepare for a 15-Year Mortgage?
The best way to prepare for a 15-Year Mortgage is to get your finances in check, gather the necessary documents, and set expectations. Since you'll be spending more over a shorter loan term, be sure to have a significant amount in savings to help balance your monthly payments with your lifestyle, other applicable debt, and more. Knowing your long-term goals will also help you make the best possible decision.
Find a loan expert near you for a personalized mortgage experience.
What's the difference between a fixed rate and an adjustable rate?
A fixed-rate mortgage has the same interest rate during the entire loan term and is unaffected by economic changes. An adjustable-rate mortgage, on the other hand, has an interest rate that can change over time. This can be a good or bad thing for homeowners who have this type of mortgage.
Wondering which option is better for you? Try our Mortgage Builder to find your perfect match.
Get ahead of the game with a 15-Year Fixed-Rate Mortgage Loan.
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