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Best 15-Year Mortgage Lenders of 2020 StaffFeb. 26, 2020

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15-Year Fixed Rate Mortgage
If you’re in the market for a house, you’ve probably been reading up on all there is to know about mortgages. A mortgage is a loan you take to help you pay for your house; while you need to put down a certain percentage of the cost as a down payment, the mortgage will cover the rest, and you’ll need to pay it back in monthly payments over the course of x amount of years.

What is a 15-Year Fixed Rate Mortgage? 

The X amount of years can be a big deciding factor when choosing your mortgage. The most common fixed mortgage terms are 15 and 30 years, though some go up to 40 years and some can be as low as 10 years, depending on the amount of the loan and your monthly payments

15-year mortgages typically have fixed interest rates, which means you’ll pay the same amount every month, every year (though taxes and insurance costs may change). They’re also usually amortizing loans, which means that you pay the principal + interest in one monthly rate.

Compare the Top 5 Lenders for 15-Year Mortgages

LenderRequired Credit ScoreBest FeatureVisit
Quicken Loans

No minimum

Real-time online quotes

View Rates

Varies per lender

Up to 5 free quotes

View Rates

620 for most loans

Hassle-free comparisons

View Rates

Technology-based platform

View Rates
Rocket Mortgage

No minimum

All-digital platform

View Rates

The Pros and Cons of a 15-Year Fixed Rate Mortgage

Own your home fasterHigher monthly payments
Get lower interest ratesYou may qualify for less expensive properties only
Save moneyLose out on possible interest reduction due to fixed rate

Rate History and Trends

While 15-year mortgages come with fixed rates, there are different types of loans that will affect your rates and APR. Bear in mind that rates change from day-to-day, so don’t be surprised if you get different quotes on different days or weeks.  

Below is a table with the April 2018 rates for different types of 15-year loans. These rates are for people with excellent FICO scores (740+) and for single-family houses. Your personal rate will depend on a number of factors, including your credit score, cost of the house, your down payment, and more.

LoanRate1-Week Rate Change1-Week APR Change

Conventional 15-Year Fixed Rate



-.04% to .04%

15-Year Fixed Rate FHA Loan




15-Year Fixed Rate VA Loan




15-Year Fixed Rate Jumbo Loan




Is a 15-Year Mortgage Best For You?

A 15-year mortgage is good if you:

  • Can afford higher monthly payments
  • Can consistently pay on time
  • Want to own a home faster
  • Have money left to spend on daily necessities and saving after making payments

Unlike 15-year fixed rate mortgages, standard 30-year mortgages are better for people looking for lower monthly payments—but they come with higher interest. If you have the income to afford a higher monthly payment that will come with a 15-year mortgage, you’ll develop equity more quickly and pay less over the course of your loan for a home of equal value.

Top 5 Lenders for 15-Year Mortgage

1. Quicken Loans 

Quicken Loans

Minimum down payment: 5% 

Quicken Loans offers up to $3 million in loans for qualifying borrowers, and both the application and approval process go very quickly due to the top-rated technology Quicken Loans uses. Rates are updated on a daily basis, so don’t be surprised to receive different quotes on different days. The upside is, Quicken offers a large variety of mortgage options, including 15-year options, and has specific loans for low-credit situations.

  • Minimum down payment of 3% on government back loans, 5% on conventional loans%
  • Fast online application
  • Live chat

Best for: Tech-friendly borrowers who want access on all their devices

Best perk: Low-credit option

Quicken Loans Quicken Loans View Rates

2. LendingTree


Minimum down payment: 5% (with PMI), 20% (without PMI)

LendingTree is a loan marketplace that allows you to search its network of 350+ partners and find the mortgage that’s best for you. Using LendingTree is free and doesn’t affect your credit score, which means you can search risk-free for the best 15-year loans out there. What’s more, because it has so many partners, you can find the best loans to suit your specific financial situation and repayment needs.

  • Checks your credit score for you
  • One form for multiple lenders
  • 15-year loan offers in minutes

Best for:  Borrowers looking to compare rates and options quickly

Best perk: 5 free quotes

View Rates

3. Credible


Minimum down payment: 20% for lowest rate’s mortgage marketplace builds on the success of the company's marketplaces for student loans, student loan refinancing, and personal loans, which have facilitated more than $1.6 billion in loans. Credible’s integrations with lenders and credit bureaus make it a snap to compare actual, prequalified rates across multiple lenders without impacting your credit score, and you don’t have to worry that your personal information will be shared with any lender other than the one you choose to work with. Once you see an option you like, Credible’s streamlined process and licensed loan officers provide a seamless experience all the way to closing.  

Best for: Hassle-free comparisons

Best perk: Digital application process automates document collection

View Rates


Minimum down payment: 3-5% 

The site is easy to use; when you input basic info (where the house is located, how much it costs, and how much your down payment and the amount you're looking to pay for your jumbo loan would be), the site finds relevant loans with the best possible rates. It also tells you how much you can expect to pay in third party fees. If you input your information and no loans are available, the site will make suggestions about what you can change to receive loan options.

Best for: No-cost mortgages with great rates

Best perk: From 4.250% APR on 15-year loans 

View Rates

5. Rocket Mortgage

Rocket Mortgage

Minimum down payment: 5% 

Rocket Mortgage from Quicken Loans is a good option for borrowers in different financial situations, and even accepts down payments as low as 3% on government back loans and 5% on conventional loans. Both the application and approval for 15-year loans are done online, and the site allows you to e-sign all of the relevant paperwork. Before you decide which loan you want, you can easily compare loan options online and contact the customer support team, which is available nearly around the clock.

  • Fast paced automated platform
  • Personalized quotes
  • Mobile application

Best for: Borrowers who want to do everything online

Best perk: Entirely online

View Rates

How to Apply?

If you use any of the above 5 lending institutions to apply for a 15-year mortgage, the application process is fairly easy.

  • Fill out your personal information online (name, date of birth, location of house, cost of house, credit score) and the size of your down payment. In most situations, you can pre-qualify in a matter of minutes.
  • Once you pre-qualify and are shown various loan options, you can then choose the loan that suits you best.
  • Then you’ll need to provide more detailed information in order to actually qualify for the loan, such as:
    • Proof of income, such as pay stubs 
    • Tax documentation
    • Disclosure of debts, assets, and other paperwork proving your financial standing
    • Copies of your most recent credit card statements

While many lenders allow you to upload the paperwork online, you can also reach out to a customer service representative for whichever company you choose. Because taking out a mortgage is a big decision, it can be reassuring to speak to a knowledgeable rep and get advice that might not be included on the website.

Bottom Line

A 15-year mortgage is a good option for anyone who can afford relatively high monthly payments and who is eager to pay off their loans quickly. 15-year mortgages typically have lower interest rates than 30-year mortgages, which can save borrowers money in the long term. However, before jumping into anything, it’s important to review your finances and make sure that you will indeed be able to make significant monthly payments consistently for the next 15 years. Compare the top lenders and read up about their features to get the terms that are right for you.