15-Year Fixed Rate Mortgage

Just like it sounds: a conventional 15-year fixed rate mortgage is a home loan that’s completely paid off in 15 years, providing you make every payment as scheduled. Fixed rate means that you’ll get the same interest rate and payments throughout the life of the loan. The 15-year term means you can build equity in your home faster through the higher monthly payments, and 15-year fixed rate mortgages typically have lower interest rates than 30-year loans.

15-year fixed rate mortgage features:


Lower interest rate options


Pay less interest with shorter loan terms

Because the loan will reach full amortization in 15 years, you’ll pay less interest and save more money


Low down payment options for qualified buyers

3-5% minimum down payment options


No PMI required with 20% down payment


Low debt-to-income ratio


Loan options up to $5 million for non-conforming mortgages

What’s the difference between a fixed rate mortgage and an adjustable rate mortgage (ARM)?

With a fixed rate mortgage, the rate and payment remain the same over the entire term, or length, of the loan. With an adjustable rate mortgage, the rate and payment remain fixed for an introductory period, after which the rate and payment may periodically adjust up or down. Many ARMs will start with a lower interest rate than fixed rate mortgages, then adjust once the introductory period is over. The introductory period could be a few months or a few years. For example, for a 5/1 ARM, the rate and payment are fixed for the initial 5-year period, after which they may adjust up or down every year until the end of the loan term.

Speak with a loan officer or visit one of our local branches to learn more about the difference between a fixed rate and ARM before deciding which loan option is right for you.

Is a 15-year fixed rate mortgage right for you?

If you’re interested in a shorter-term mortgage with low interest rates, a 15-year fixed rate is a great option for you. This option is perfect for professionals with a good job and steady income and a large amount of savings for a down payment. It could also be a good option for older homebuyers who want to be debt-free when they reach retirement.

Here are a few other scenarios to help you determine if a 15-year fixed rate mortgage is right for you:



You're a homebuyer with good income and want to pay off your home quickly


You're an older homebuyer with an established career and want to pay off your home before retirement


You want a lower interest rate and a shorter-term mortgage


You want to build home equity and save money

Shorter terms means your monthly payments will be higher, but you’ll build home equity more quickly as you pay down the principal of the loan

Why choose EverLEND Mortgage for your 15-year fixed rate mortgage?

We’re experts with deep experience in underwriting, processing, and closing on 15-year fixed rate mortgage loans. Let our professionals guide you through the experience!

This is not a commitment to make a loan, nor should it be construed as lending advice. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. EverLEND Mortgage Company is an Equal Housing Lender NMLS# 1100621.