15 Year Fixed Mortgage
Build equity twice as fast with a lower rate
A 15-year fixed mortgage typically carries a lower interest rate than a 30-year loan and pays the home off in half the time. Monthly payments are higher, but total interest paid is dramatically lower, making it ideal for buyers focused on building equity quickly.
Down Payment
5% – 20%
Min Credit Score
620+
Loan Term
15 years fixed
Mortgage Insurance
PMI under 20% down
Loan Limit
Up to county conforming limit
Program Highlights
- ◆Typically 0.5%–0.75% lower rate than 30-year fixed
- ◆Loan paid off in half the time
- ◆Dramatically lower total interest cost
- ◆Faster equity build for future move-up or retirement
Best For
- ◆Refinancing homeowners with strong cash flow
- ◆Buyers approaching retirement
- ◆Anyone prioritizing interest savings
Qualification Requirements
- 01Minimum 620 FICO score
- 02Stronger DTI tolerance (often under 43%)
- 03Reserves of 2+ months PITI recommended
- 04Stable, documented income
Advantages
- +Save tens of thousands in interest
- +Own your home outright in 15 years
- +Lower interest rate than 30-year
Trade-Offs
- –Higher monthly payment
- –Less cash flow flexibility
- –Tighter qualifying ratios
How the Process Works
- 01Pre-approval review of cash flow
- 02Loan structuring around your budget
- 03Full underwriting
- 04Close in 21–30 days
Frequently Asked
How much can I save with a 15-year mortgage vs. a 30-year?+
On a $500,000 loan, a 15-year fixed can save $150,000+ in total interest compared to a 30-year fixed at current Washington rates.
Who is a 15-year mortgage best for?+
Homeowners refinancing with strong cash flow, buyers approaching retirement, and anyone whose primary goal is to minimize total interest paid.
Ready to Get Started?
Apply online in minutes or talk through your scenario with our team.