15 Year Fixed Rate Mortgage
With a 15 year fixed rate mortgage, your interest rate does not change, your payment does not change, and you pay the loan off in 15 years. This is the most popular mortgage when looking for faster mortgage pay-off.
15 Year Mortgage Advantages
- Lower interest rate than with a 30 year fixed rate mortgage.
- Allows to build up equity faster and to reduce interest paid over the life of the loan.
- Interest rate does not go up even if rates go up.
- Payments stay the same for 15 years.
15 Year Mortgage Disadvantages
- Higher monthly payment than with other popular mortgage types.
Your first should be to run the numbers on our web site to get current rates and closing costs for 15 year fixed-rate mortgages. Then, use our network of 15 year fixed loan lenders and expert mortgage specialists to find the best loan for your property.