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What is a 15 Yr Fixed loan?

A 15-year fixed-rate mortgage is a home loan that has a repayment term of 15 years. Borrowers are offered the same interest rate (fixed) and monthly payments throughout the duration of the loan. The long-term benefit from a fixed rate mortgage to 15 years is that it is cheaper than other mortgage options. However, monthly payments are higher.

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Who are eligible for it?

If you have a higher income scale that proves you can afford to make higher payments associated with a mortgage in the short term, then it is easy to qualify. You can also find interest rates that are between 0.5 and 1% lower than they are for a 30-year mortgage.

How to get this loan?

Start by comparing and looking for lenders offering 15-year mortgage rates in your area. A fixed rate mortgage to 15 years allows you to buy a home or refinance your current mortgage with lower, shorter and much affordable monthly payments. Call us now to compare the best rates.

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Take advantage of low interest rates and find a mortgage that fits you budget. Get a get a 15 year fixed loan quote now.

What credit score is required for this loan?

To qualify for a 15-year fixed-rate mortgage, you need to own at least 20 percent of equity and a FICO credit score of at least 700.

Advantages and Disadvantages

Potential Advantages

  • Interest rates are generally lower: Historically, interest rates on 15-year mortgages are way lesser compared to other mortgage options, so it’s a good boost to your bottom line.
  • You’ll make fewer payments (180) than you would with a conventional 30-year mortgage (360), which means less total interest paid: Even if you got the same interest rate for 15- year mortgage as that of 30-year mortgage. you will still be paying less in interest payments since your mortgage ends in 15 years instead of 30.
  • You’ll pay off your mortgage faster: It is indeed a relief and celebration if you are able to pay off your loan faster. It’s one less bill and now own your house free and clear.
  • You can build equity faster: Because you are paying for your principal in half the time you would a 30-year mortgage, it accelerates the process of building equity. Equity is basically the amount of home ownership.


  • You pay more each month: For many people, the biggest monthly payment is the main impediment towards 15-year mortgages. You pay a larger portion of the principal each month compared to a 30-year loan.
  • Your money is locked at home: Depending on your budget, spending too much on a monthly mortgage may leave less funds for other investments, which could be more lucrative.
  • You qualify for a lower mortgage amount: Lenders want to make sure you can comfortably afford to pay back, so if you max out your budget with a 15-year mortgage then they might likely lend out less money.

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