15 Year Fixed Rate Mortgage

Save Big with Fixed Low Rates!

Buying a home is a big step, and a symbol of stability and security. The added security of a consistent rate and payment, as well as the ability to pay off your mortgage as quickly as possible is just the cherry on top!

Lucky for you, that’s exactly what a 15-year fixed rate mortgage allows you to do! Since you will have a shorter term, and an unchanging rate, you will end up saving thousands of dollars by paying less interest over the course of your loan. These characteristics make this loan a great choice for the financially savvy homeowner.

What is a 15 Year Fixed Rate Mortgage?

In a 15-year fixed rate mortgage loan, your monthly payment is based on interest rate (which is, of course, fixed), principal loan amount, property taxes (if you choose), and amortized interest over 15 years. In simple terms, this means your payment will not change throughout the life of your loan.
As for payment, you will be able to pay off your mortgage at any time without any prepayment penalties incurred.

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How to Get a 15 Year Fixed Rate Mortgage

To learn whether a jumbo loan is the best option for purchasing your home, connect with us. To get you started, we’ve outlined the steps and documentation needed to help you understand the process.

The Financing Process

Homebuyers often start by requesting a quote for their interest rate or beginning an application with a lender for pre-approval. By sharing basic information about your potential purchase, we’ll work with you to pull your credit report and discuss your finances and the potential value of the house you’re interested in purchasing.

As we move through the process together, we’ll arrange for an appraisal of the house to determine its value. The loan may require two appraisals if its value is above a certain amount. 

We’ll also discuss the terms you qualify for and your options, as well as request various documentation for the underwriting process to make sure the loan begins on a solid foundation.

We’re with you through each step leading to closing, where we’ll finalize your 15 year fixed rate loan when you’re ready to purchase.

Qualification Requirements

As with any mortgage loan, there are certain requirements that must be met prior to qualification. For a 15-year fixed rate loan, they are as follows:

  • You must refinance up to 95% of your primary home’s value.
  • You will be able to qualify when buying a home with as little as 5% down.
  • Similar to other loans, your credit score may affect your ability to qualify for a 15-year fixed rate loan.
  • Your gross monthly income will be taken into account during the qualifying period, as well as monthly debt obligations.

We know loan terminology and processes can seem confusing and complicated, but that’s