15-Year Fixed-Rate Mortgage Lenders That Are One Step Ahead of the Rest

Top10.com Staff
15-Year Fixed Rate Mortgage
If you’re in the market for a house, you’ve probably been reading up on all there is to know about mortgages. A mortgage is a loan you take to help you pay for your house; while you need to put down a certain percentage of the cost as a down payment, the mortgage will cover the rest, and you’ll need to pay it back in monthly payments over the course of x amount of years.

What is a 15-Year Fixed Rate Mortgage? 

The X amount of years can be a big deciding factor when choosing your mortgage. The most common fixed mortgage terms are 15 and 30 years, though some go up to 40 years and some can be as low as 10 years, depending on the amount of the loan and your monthly payments

15-year mortgages typically have fixed interest rates, which means you’ll pay the same amount every month, every year (though taxes and insurance costs may change). They’re also usually amortizing loans, which means that you pay the principal + interest in one monthly rate.

Compare the Top 3 Lenders for 15-Year Mortgages

Lender
Required Credit Score
Visit
1.  Quicken Loans

620

2. Better.com

620

3. AmeriSave

620

The Pros and Cons of a 15-Year Fixed Rate Mortgage

Pros
Cons
Own your home faster
Higher monthly payments
Get lower interest rates
You may qualify for less expensive properties only
Save money
Lose out on possible interest reduction due to fixed rate

Is a 15-Year Mortgage Right For You?

A 15-year mortgage is good if you:

  • Can afford higher monthly payments
  • Can consistently pay on time
  • Want to own a home faster
  • Have money left to spend on daily necessities and saving after making payments

Unlike 15-year fixed rate mortgages, standard 30-year mortgages are better for people looking for lower monthly payments—but they come with higher interest. If you have the income to afford a higher monthly payment that will come with a 15-year mortgage, you’ll develop equity more quickly and pay less over the course of your loan for a home of equal value.

Our Top Lenders for 15-Year Mortgage Loans

Quicken Loans

Minimum down payment: 5%

Quicken Loans is one of the most reputable mortgage lenders. It offers a large range of mortgage options including refinance loans, FHA, USDA, VA loans, jumbo loans and more.

  • Fast application process
  • A bevy of educational resources

Suitable for: Those looking for current rates on 15-year mortgages

Standout feature:  Low rates and online customer service

Quicken Loans Quicken Loans View Rates

Better.com

Minimum down payment: Varies per customer

If you’re looking for a 30-year mortgage, there are few options out there that can match the ease and convenience of Better mortgage

 There are no origination or lender fees and no commission. That said, there are prepayment penalties. Better allows you to lock in your rate and connects you with a single loan officer once you've finished the pre-approval process. 

  • No origination or lender fees 

  • Many different fixed and variable rate loans 

  • Fast approval process

Suitable for: Simple, online mortgage

Standout feature: Instant loan estimates

Better.com Better.com View Rates

AmeriSave

Suitable for refinancing

AmeriSave Mortgage Corporation is a full-service mortgage lender operating in 49 states and DC. Established in Atlanta in 2002, it has funded 220,000+ homes for a total value of more than $55 billion. AmeriSave is known for offering streamlined online applications with the option of contacting customer support any time you need assistance.

  • Apply and submit forms directly online
  • No SSN needed to get pre-approved rates
  • Recommended for refinancing

AmeriSave Mortgage AmeriSave Mortgage View Rates

How to Apply?

If you use any of the above 5 lending institutions to apply for a 15-year mortgage, the application process is fairly easy.

  • Fill out your personal information online (name, date of birth, location of house, cost of house, credit score) and the size of your down payment. In most situations, you can pre-qualify in a matter of minutes.
  • Once you pre-qualify and are shown various loan options, you can then choose the loan that suits you.
  • Then you’ll need to provide more detailed information in order to actually qualify for the loan, such as:
    • Proof of income, such as pay stubs 
    • Tax documentation
    • Disclosure of debts, assets, and other paperwork proving your financial standing
    • Copies of your most recent credit card statements

While many lenders allow you to upload the paperwork online, you can also reach out to a customer service representative for whichever company you choose. Because taking out a mortgage is a big decision, it can be reassuring to speak to a knowledgeable rep and get advice that might not be included on the website.

Bottom Line

A 15-year mortgage is a good option for anyone who can afford relatively high monthly payments and who is eager to pay off their loans quickly. 15-year mortgages typically have lower interest rates than 30-year mortgages, which can save borrowers money in the long term. However, before jumping into anything, it’s important to review your finances and make sure that you will indeed be able to make significant monthly payments consistently for the next 15 years. Compare the top lenders and read up about their features to get the terms that are right for you.

Top10.com Staff
Top10.com's editorial staff is a professional team of editors and writers with dozens of years of experience covering consumer, financial and business products and services.