15-Year Mortgage

15-Year Fixed-Rate Loans

This loan is fully amortized over a 15-year period and features constant monthly payments. lt offers all the advantages of the 3O-year loan, plus a lower interest rate and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 3O-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years.