This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of a 30-year loan, plus a lower interest rate and the benefit of owning your home twice as fast. The main disadvantage is that, with a 15-year loan, you commit to higher monthly payments. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments to pay off their loan in 15 years. This approach is often safer than committing to higher monthly payments, as the difference in interest rates isn't that significant.

At High Country Mortgage, we simplify the home loan process with our expertise and user-friendly tools, starting with our FREE 15-Year Fixed Rate Mortgage Qualifier. We guide you through the entire journey, helping you understand the differences between loan programs so you can choose the one that best fits your needs, whether you're a first-time homebuyer or a seasoned investor.

Do I Qualify?

As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.