15-Year Mortgage
This will help you pay off your mortgage faster, and save on interest over time, however mortgage payments are higher.
If this option is ideal for you
15-Year Mortgage Checklist
620 Minimum Credit Score
To quality for this 15-Year fixed Mortgage loan, you will be required to have a minimum credit score of 620.
3% Down Payment
You will be required to put down at least 3% downpayment.
Closing Cost Funds
You need to have 3 - 6% of the funds to cover the closing costs.
Debt-To-Income Ratio < 50%
Your debt-to-income ration will need to be 50% or less.
*To get your personal loan requirements, please contact us.
15-Year Mortgage Benefits
Saving on Interests
You will save money if you pay your mortgage in 15 compared to a 30-year mortgage.
Low Down Payment
You can put a 3% down payment minimum.
No Penalties if Paid Earlier
You can pay off your full loan early and you don't have to worry about penalties.
Fixed Interest Rate
Your interest rate stays fixed for the remaining of the mortgage, but your taxes and property insurance may go up and this can affect your mortgage payments.
Mortgage Calculators
Amortization Calculator This calculator estimates your monthly payment amount each month for the length of the loan.
DSCR Calculator This calculator helps you determine your Debt Service Coverage Ratio.
Mortgage Qualification Calculator This calculator helps you determine how much you can borrow based on your income, debts, and other financial information.
Ready to take the next step?
If you are ready, start your mortgage application now