refinance / 15 Year

Pay less over time with a 15-year refinance

Choose a 15-year refinance and get a new mortgage – all while saving money on interest. Enjoy the benefits of a shorter term or cash from your equity.

Imagine cutting the number of years you pay interest on your mortgage. That’s what you could have with a 15-year refinance loan. Get a better rate – and own your home faster.

Take time to explore all of our different loan options.

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Conventional

Ready to buy a home and have at least a 620 credit score? You may qualify for a conventional loan with as low as a 3% down payment.

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Jumbo

If you live in a high-cost area or need a mortgage that exceeds conforming loan limits, a jumbo loan might be the right product for you.

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USDA

Certain buyers may benefit from a USDA loan depending upon their income or the home’s location. Another bonus: No down payment is needed.

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Adjustable-Rate Mortgage

ARMs often start out with lower interest rates than fixed-rate loans. You may want to consider an ARM if you believe your income may grow as the interest rate and payment increases.

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FHA

If making a down payment is difficult or your credit has taken some hits, consider an FHA loan. These flexible government loans could be a budget-friendly option.

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VA

If you’re a veteran, servicemember or surviving spouse, you could get qualified for a mortgage with fewer requirements and no down payment.

For those who want to pay off their current mortgage faster, taking advantage of 15-year refinance rates can speed up the process and save you money on interest. Despite the higher payment that comes with a 15-year refinance, there still can be many benefits that make it a great option for homeowners. 

What is a 15-year refinance? 

A 15-year refinance is the act of replacing an existing mortgage loan with a new loan with a term of 15 years. This is most commonly done to lower interest rates and shorten the length of the loan – and possibly lower the monthly payment.  

Pros and Cons of 15-Year Refinance Rates and Terms 

Pros 

  • Lower interest rates than 20-year and 30-year loans 
  • Build equity faster 
  • Pay off the loan sooner 

Cons 

  • Larger monthly payments 

Reasons to Choose a 15-Year Refinance 

A benefit of 15-year refinance rates and terms is that you can pay the loan off significantly faster than you can with a longer-term loan. Additionally, once you have 20 percent equity in your home, you can avoid private mortgage insurance. This equity can be achieved quickly when making larger payments with a 15-year refinance.