15-YEAR
FIXED RATE
These Loan offer a lower fix interest rate and the ability to save money in interest over the life of your loan.
15-YEAR
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 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 your buying a home, or how much equality 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 dept-to-income ratio (DTI) of no more than 50%. Estimate your DTI by
adding your monthly dept payments (such as credit card and car payment) and
dividing the total by your monthly income before taxes. - Money to cover closing costs, which are about 2% – 6% the purchase price.
TAKE THE FIRST
STEP TOWARD THE
RIGHT MORTGAGE.
Apply online with Houz Mortgage or enter some
into to get a call from a Home Loan Expert. You’ll
get a personalized recommendation on which
loan option is best for you.
15-YEAR FIXED
MORTGAGE RATES
| PRODUCT | RATE | APR |
|---|---|---|
| Conforming 15 Year Fixed |
 3.125% |
3.623% |
DISCLAIMERS
15-YEAR-FIXED-RATE MORTGAGE:
The payment on a $200,000 15-year Fixed-Rate Loan at 3.125% and 74.91% loan
-to-value (LTV) is $1,393.22 with 2.25 points due of closing. The Annual Percentage
Rate (APR) is 3.623%. Payment does not include taxes and insurance premiums. The
actual payment amount will be greater. Some state and country maximum loan
amount restriction may apply.
15-YEAR FIXED LOAN BENEFITS
- You’ll pay off your mortgage faster than any 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 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.
READY TO APPLY?
