15-YEAR Fixed – Downtone

15-YEAR FIXED MORTGAGE

2.7% Average Approved Rate

Based on a 580 or better credit score

15-Year Fixed Mortgage: Requirements And Eligibility For 2022

15-year fixed mortgages offer a lower fixed interest rate and the ability to save money in interest over the life of your loan.

General 15-YEAR Overview

Who Are 15-Year Fixed Loans Best For?

People who want to save more in interest by paying off their loan sooner and want an interest rate that never changes over the entire life of the loan. Read more about other benefits below.

How Do 15-Year Fixed Loans Work?

You’ll pay off your mortgage in 15 years. Because you’ll pay off the loan faster than a 30-year mortgage, you’ll pay less in interest over the life of the loan.

Because your interest rate is locked for the life of your loan, your principal and interest payments won’t change over the life of the loan. The amount for your taxes and insurance can go up and down.

You may have to pay for mortgage insurance, depending on your down payment amount if you’re buying a home, or how much equity you have if you’re refinancing.

How Do I Qualify For A 15-Year Fixed Rate Mortgage?

A minimum 3% down payment.
A minimum FICO^® Score of 620.
A debt-to-income ratio (DTI) of no more than 50%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
Money to cover closing costs, which are about 2% – 6% of the purchase price.

Mortgage Insurance Requirements

You’ll have to pay primary mortgage insurance (PMI) with your 30-year fixed rate loan if your down payment is less than 20%.
- This typically costs between 0.5% and 1% of your loan amount per year, spread over 12 payments.
- Once you reach 20% equity in your home, you may be able to request to cancel PMI.
- PMI is often canceled automatically once you reach 22% equity.

Take the first step toward the right Downtone Loans

15-Year Fixed Mortgage Rates

Product	Rate	APR
Conforming 15 Year Fixed	3.125%	3.593%

30-YEAR LOAN BENEFITS

Quick Payoff

You’ll pay off your mortgage faster than with other loans.

NO Prepayment Penalties

You can pay off your mortgage at any time without prepayment penalties.

Bypass PMI

You may be able to avoid mortgage insurance with a down payment of 20% or higher.

Fixed Rate

Your interest rate is fixed for the life of the loan, so you don’t have to worry about rates rising.

Low Downpayment

You can buy your primary home with as little as 3% down.

Great Refinance

You can refinance your primary home for up to 97% of its value.

GETTING 15-YEAR LOAN WITH US

Apply Anytime

Apply online and work at whatever pace is convenient for you.

Always Available

Home Loan Experts are available via chat, email and phone to help you understand whether an ARM is right for you.

Work With Us

We service 99% of our mortgages, so our great customer service continues after you close.

Full Control

After you close your loan, you can manage your mortgage online without any hidden fees.

No Hidden Fees

No prepayment penalties if you pay off your loan early.

WHY CHOOSE DOWNTONE

Downtone Guarantee

Downtone Loans has been providing our clients with award-winning service for over 60+ Years. We service 99% of our loans, which means you’ll get the same care and attention throughout the entire life of your loan.