Compare Today's 15-Year Fixed Rate Refinance Rates
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15-Year Fixed Rate Refinance
The 15-year fixed rate refinance is ideal for homeowners looking to pay off their mortgage sooner with lower overall interest costs. This loan offers a stable interest rate and higher monthly payments, but with significant savings over the life of the loan.
Townhouse
Condo
Multi-Family Home
Pay less interest over the life of the loan
Pay off your mortgage in half the time compared to a 30-year loan
Predictable monthly payments for 15 years
Typically lower rates compared to longer-term loans
A 15-year fixed refinance is a mortgage refinancing option that allows homeowners to replace their existing mortgage with a new loan that has a fixed interest rate for a term of 15 years.
Benefits include lower interest rates compared to 30-year loans, faster equity buildup, and reduced total interest paid over the life of the loan.
The primary difference is the loan term; a 15-year fixed refinance has a shorter term, leading to higher monthly payments but significantly lower overall interest costs.
While requirements may vary by lender, a credit score of 620 or higher is generally preferred to qualify for favorable rates and terms.
Yes, closing costs are typically involved in refinancing, which may include origination fees, appraisal fees, and title insurance. Some lenders may offer no-closing-cost options.
Yes, a cash-out refinance allows homeowners to refinance for more than their current mortgage balance and receive the difference in cash, which can be used for various expenses.
You will usually need to provide documentation such as proof of income, bank statements, tax returns, and details about your current mortgage.
The refinancing process can vary, but it typically takes 30 to 45 days from application to closing, depending on the lender and the complexity of your financial situation.
Yes, homeowners with FHA, VA, or USDA loans can refinance into a 15-year fixed mortgage. Specific programs may be available for each loan type.
Consider factors such as current interest rates, your long-term financial goals, the total cost of refinancing (including closing costs), and how long you plan to stay in the home.