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15-Year Fixed Loans

These loans offer a lower fixed interest rate and the ability to save money in interest over the life of your loan.

Who 15-Year Fixed Loans Are Best For

People who want to save more in interest by paying off their loan sooner and want an interest rate that never changes over the entire life of the loan. Read more about other benefits below.

How 15-Year Fixed Loans Work

You’ll pay off your mortgage in 15 years. Because you’ll pay off the loan faster than a 30-year mortgage, you’ll pay less in interest over the life of the loan.

Because your interest rate is locked for the life of your loan, your principal and interest payments won’t change over the life of the loan. The amount for your taxes and insurance can go up and down.

You may have to pay for mortgage insurance, depending on your down payment amount if you’re buying a home, or how much equity you have if you’re refinancing.

What You’ll Need To Qualify For A 15-Year Fixed Loan

  • A minimum 3% down payment.
  • A minimum FICO® Score of 620.
  • A debt-to-income ratio (DTI) of no more than 50%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
  • Money to cover closing costs, which are about 2% – 6% of the purchase price.

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15-Year Fixed Mortgage Rates

Product Rate APR
Conforming 15 Year Fixed 3.5% 3.967%
15-Year Fixed-Rate Mortgage: The payment on a $200,000 15-year Fixed-Rate Loan at 3.50% and 74.91% loan-to-value (LTV) is $1,429.77 with 2.00 points due at closing. The Annual Percentage Rate (APR) is 3.967%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.

15-Year Fixed Loan Benefits

  • You’ll pay off your mortgage faster than with other loans.
  • You can pay off your mortgage at any time without prepayment penalties.
  • You may be able to avoid mortgage insurance with a down payment of 20% or higher.
  • Your interest rate is fixed for the life of the loan, so you don’t have worry about rising rates.
  • You can buy a home with as little as 3% down.
  • You can refinance your home for up to 97% of its value.

Mortgage Insurance Requirements

You’ll have to pay primary mortgage insurance (PMI) if your down payment is less than 20%.

  • This typically costs between 0.5% and 1% of your loan amount per year, spread over 12 payments.
  • Once you reach 20% equity in your home, you may be able to request to cancel PMI.
  • PMI is often cancelled automatically once you reach 22% equity.

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