15-Year Fixed-Rate Mortgage
15-Year Fixed-Rate Mortgage – Build Equity Faster & Save on Interest
What is a 15-Year Fixed-Rate Mortgage?
A 15-year fixed-rate mortgage is a home loan with a fixed interest rate and consistent monthly payments over a 15-year term. This loan option allows homeowners to pay off their mortgage faster while saving significantly on interest compared to longer-term loans.
Benefits of a 15-Year Fixed-Rate Mortgage
✅ Lower Interest Rates – Typically lower than 30-year mortgage rates, saving you money.
✅ Faster Loan Payoff – Own your home outright in half the time.
✅ Significant Interest Savings – Pay much less in interest over the life of the loan.
✅ Stable Monthly Payments – Your principal and interest remain the same for 15 years.
✅ Build Home Equity Faster – Increase your home’s value and ownership stake quicker.
15-Year Fixed-Rate Mortgage Process
Step 1: Get Pre-Approved
- Determine your loan eligibility and estimated mortgage payment.
- Gather financial documents like income statements, tax returns, and credit history.
Step 2: Choose Your Loan Option
- Compare loan options and interest rates to find the best fit for your budget.
- A 15-year fixed loan may have higher monthly payments but lower total interest costs.
Step 3: Home Appraisal & Loan Processing
- An appraisal is conducted to verify the home’s value.
- Your financial details are reviewed for final approval.
Step 4: Close on Your Loan
- Sign your mortgage documents and finalize the loan.
- Start making payments and enjoy building equity faster!