How We Get Paid

We want this to be a “win-win” situation. So we only want to get paid if we bring you value in the form of finding a personal finance option that works for you. Not by selling your data. We are a wholesale broker, meaning we have access to rates our mortgage lenders offer solely to brokers they work with. Generally, our lenders pay us and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. This is common practice in mortgage transactions where you choose for the lender to pay your broker’s fee upfront. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate, or pay our broker compensation yourself. Please talk to one of our licensed loan officers to explore your options.

15 year fixed mortgage rates

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  1. Get pre-approved:

    With Credible, it only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter and personalized rates, without affecting your credit score.

  2. Compare lenders and choose rate:

    Homebuyers can compare current mortgage rates and loan features from multiple lenders to choose your home loan. Our team of licensed mortgage loan officers is available to answer any questions.

  3. Submit your documents:

    Credible's automated document collection process takes the stress out of applying for a mortgage. You’ll find it’s easy to track your loan all the way through closing.

  4. Finish your loan with us:

    With Credible, you can complete the whole mortgage process online. We have a team of dedicated mortgage experts ready to help you if you need it.


What is a 15-year fixed-rate mortgage?

A 15-year fixed-rate mortgage is a home loan with the same interest rate and monthly payment repaid over the course of 15 years. A 15-year fixed-rate mortgage is a good option for borrowers who want to take advantage of lower  mortgage interest rates and pay off their mortgages earlier. Plus, the shorter loan term will help you save money in interest compared to a 30-year fixed-rate mortgage (since you’re paying it off sooner).


Advantages of a 15-year fixed mortgage

If you’re considering taking out a 15-year fixed mortgage, there are three core advantages:

  1. Lower interest rates:

    Lenders tend to offer lower mortgage interest rates to borrowers who select shorter loan terms, as it poses less risk to the lender. By choosing a 15-year loan, you can qualify for a lower interest rate than if you opted for a 30-year loan.

  2. Reduced repayment amount:

    With a shorter loan term and lower interest rate, less interest will accrue on your loan. You’ll repay thousands less in interest over the life of the loan than if you had taken out a 30-year mortgage.

  3. Faster equity:

    Because you have a shorter loan term and larger monthly payments, more of your minimum monthly payment will go toward the principal, allowing you to build equity in your home more quickly.

Learn More: 

What Is a Mortgage Rate and How Do They Work?


Disadvantages of a 15-year fixed mortgage

While a 15-year mortgage allows you to become mortgage-free sooner, there are some drawbacks to consider:

  1. Higher monthly payments:

    With a 15-year mortgage, your monthly payments will be significantly higher than they’d be under a 30-year mortgage. The higher payments might be difficult to fit into your budget.

  2. Limited purchase price:

    Because so much of your monthly income will go toward the higher minimum mortgage payments, you’ll likely get approved for a smaller home loan with a 15-year mortgage than if you chose a 30-year mortgage. You might have to settle for a smaller and less expensive home if you want to use a 15-year fixed-rate mortgage.


How to shop for a 15-year fixed-rate mortgage

Before selecting a lender, compare offers from multiple mortgage companies to find the best rates and terms for your needs. When researching your options, pay attention to interest rate, interest rate types, fees, and down payment requirements.

With Credible, you can get a streamlined pre-approval for a home loan in as little as three minutes — making getting a mortgage faster and easier.

How To: Find the Best Mortgage Lender

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