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The 15-year fixed-rate mortgage (FRM) is one of the most popular home loan products in use today. This type of mortgage offers several benefits to borrowers, including a shorter term than the popular 30-year mortgage, and a fixed rate of interest.

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Contact us if you would like to apply for a 15-year fixed-rate mortgage in California. Or keep reading below to learn more about this particular loan product.

Features of a 15-Year Fixed-Rate Mortgage

A 15-year fixed-rate mortgage gives you the benefit of predictability and stability throughout the repayment term. The interest rate will remain the same for as long as you keep the loan. This means your monthly payments will stay the same as well.

Who it’s for: The 15-year fixed-rate mortgage is ideal for California home buyers who want to pay less interest than they would pay with a 30-year loan, and can afford a larger monthly payment. The fixed rate structure also appeals to people who prefer long-term payment stability.

Lower Rates, Shorter Term

There are money-saving benefits to this product. The average rate for a 15-year fixed mortgage is usually quite a bit lower than the average rate for a 30-year loan. This is one of the ways you could save money with a 15-year mortgage, by securing a lower rate.

Also, because of the shorter repayment term (15 vs. 30 years), you’ll pay interest over a shorter period of time. Lower rate + shorter term = significant savings over time.

The downside to using a 15-year fixed-rate mortgage, versus the more popular 30-year loan, is that your monthly payments will be higher. After all, you’re essentially cutting the repayment term in half. That means the individual payments will be higher than they would be for a 30-year loan.

But for many California home buyers, the benefits of the 15-year fixed-rate mortgage outweighs the downside. Borrowers who can afford the higher monthly payments often choose this loan over the 30-year mortgage in order to save money over time.

We Can Help You Choose the Right Loan

We can help you compare the benefits and costs of a 15-year fixed-rate mortgage versus a longer term loan. This is the first step to making an informed decision. You want to see how it works out over time. And we can show you. Please contact our knowledgeable staff today to see if a California 15-year fixed-rate mortgage is right for you.

How to reach us: If you’re in the market for a home loan in California, please call us at (925) 478-8630. You can also send an email to, or use the contact form on this page. We look forward to hearing from you!

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