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.

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.