Key Features
Today’s low 15–year fixed rates can mean major savings for you
- Pay your home off faster
- Pay less interest over the course of your loan
- Security of a consistent rate and payment
15–year fixed rates are typically lower than a longer–term loan. This makes the 15–year fixed loan more attractive if you are wanting the pay less interest overall.
Other loans you might be interested in:
- 30–year loan
- FHA loan
- VA loan
Why a 15 Year Fixed?
15–year fixed–rate mortgage qualification requirements:
- Refinance up to 97% of your primary home’s value
- Buy a home with as little as 3% down (primary home)
- Typically‚ lower rates than a longer term fixed loan
How a 15-year fixed-rate mortgage works:
- Your monthly payment is based on your interest rate‚ principal loan amount‚ and amortized interest over 15 years
- Your principal and interest payment will not change throughout the life of the loan
- Pay your mortgage at any time without prepayment penalties
- Pay your mortgage at any time to decrease overall interest charges