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.

20 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 20-year fixed-rate mortgage?

If you get a 20-year mortgage, you have the potential to save more money in interest — compared to a longer-term loan — and still keep monthly payments manageable.


Advantages of a 20-year fixed-rate mortgage

Here are some of the advantages of a 20-year fixed-rate mortgage that you should consider:

  1. Lower interest rate:

    In general, 20-year mortgage rates tend to be lower than what you’d see with a 30-year mortgage. As a result, you have the potential to save money in the long run by paying less in interest.

  2. Faster equity:

    On top of a potentially lower interest rate, a 20-year mortgage also allows you to build equity faster. With more of your monthly payment going toward your principal, you can build equity in your home faster. This will allow you the chance to tap into it later, or get a larger chunk of capital when you sell.

  3. Manageable payments:

    With a 15-year fixed-rate mortgage, the monthly payment might be higher than you’d like. A 20-year mortgage offers a smaller monthly payment than a 10- or 15-year mortgage.

Keep Reading: 

What Is a Mortgage Rate and How Do They Work?


Disadvantages of a 20-year fixed-rate mortgage

Here are the downsides you need to weigh before you take on a 20-year mortgage:

  1. Slightly higher monthly payments:

    Monthly payments, even with a lower 20-year mortgage rate, will likely be higher than those of a 30-year mortgage. If you’re concerned about monthly cash flow, getting a 20-year home loan might not be the best option for you.

  2. Somewhat limited purchase price:

    In some cases, you might get approved for a lower loan amount as compared to a 30-year mortgage. This is due to the fact that the slightly higher monthly payments can impact your debt-to-income ratio and lead to a lower purchase price. If you want to be approved for a more expensive home, you might need to consider a 30-year mortgage.


How to shop for a 20-year fixed-rate mortgage

When looking for a lender, be sure to consider 20-year mortgage rates too. You might have a harder time finding lenders willing to offer 20-year loans, but you can use Credible to see what terms are available.

Keep in mind that the best rates are reserved for those who have excellent credit and can put a significant amount of money down. To qualify for the best 20-year fixed mortgage rates, work on improving your credit score, as well as reducing your debt.

Carefully consider your situation and compare multiple lenders to ensure that you’re getting the best possible rate. Credible makes this easy. You can see personalized prequalified rates from several of our partner lenders in just three minutes — all without leaving our platform.

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