Who Are 15 Year Fixed Loans Best For?

A 15 Year Fixed Loan is best for those who want to maximize savings by paying off their loan as early as possible.

What You’ll Need To Qualify

  • A Minimum 3% Down Payment 
  • A Minimum FICO Score of 620
  • A Debt-to-income ratio (DTI) no more than 50%.
  • Money to cover closing costs, which are about 2-6% of the properties purchase price

Mortgage Insurance Requirements

You will be required to pay mortgage insurance (PMI) if your down payment is less than 20%.
  • This typically costs between 0.5 and 1% of your loan amount each year
  • Once you reach 20% equity, you can request to cancel (PMI)
  • (PMI) is usually canceled automatically once you reach 22% equity in your home. 


Talk to a mortgage professional today!