We help California homeowners and buyers build equity faster and save thousands in interest with a 15-year fixed-rate mortgage. This loan offers stable monthly payments, shorter loan terms, and lower overall costs, making it an ideal choice for financially strong borrowers who want to own their home sooner.
15-Year Fixed Loan in California
About
What Is a 15-Year Fixed Loan?
A 15-year fixed-rate mortgage is a home loan with a locked-in interest rate and a 15-year repayment term. Your payment amount never changes, and a larger portion of each payment goes toward your principal balance — helping you pay off your mortgage in half the time compared to a 30-year loan. It’s a great option for homeowners who want to save on total interest and build home equity faster.
Eligibility Criteria
Who Is Eligible for a 15-Year Fixed Loan in California?
You may qualify for a 15-year fixed-rate mortgage if you meet the following criteria:
- Credit Score: Minimum 620+, though higher scores may qualify for better rates.
- Down Payment: As low as 3–5%, depending on the loan type.
- Debt-to-Income Ratio (DTI): Ideally below 43%.
- Income Stability: Proof of consistent income for at least two years.
- Property Type: Available for primary, secondary, or investment homes.
Benefits
Benefits of a 15-Year Fixed Loan
Pay Off Your Mortgage Faster
Own your home outright in half the time.
Save Thousands in Interest
Less time borrowing means less interest paid overall.
Stable Monthly Payments
Your rate never changes for the life of the loan.
Build Equity Quickly
More of each payment goes toward your principal.
Lower Interest Rates
Typically lower than 30-year fixed-rate mortgages.
Ideal for Refinancing
Switch from a 30-year to a 15-year term to save long-term.
Types
Types of 15-Year Fixed Loans We Offer
Conventional 15-Year Fixed
Best For: Buyers with solid credit
Highlights: Low rates and stable monthly payments
FHA 15-Year Fixed Loan
Best For: Buyers needing flexible credit options
Highlights: Lower down payment, government-backed security
VA 15-Year Fixed Loan
Best For: Veterans and service members
Highlights: No down payment, no PMI
Jumbo 15-Year Fixed Loan
Best For: High-value homebuyers
Highlights: Short-term financing for larger properties
Comparison
15-Year Fixed vs. 30-Year Fixed Loan
15-Year Fixed
- Loan Term: 15 years
- Interest Rate: Lower
- Monthly Payment: Higher
- Total Interest Paid: Much lower
- Equity Build-Up: Faster
- Ideal For: Faster payoff, long-term savings
30-Year Fixed
-
- Loan Term: 30 years
- Interest Rate: Slightly higher
- Monthly Payment: Lower
- Total Interest Paid: Higher over time
- Equity Build-Up: Slower
- Ideal For: Lower monthly budget
FAQs
Frequently
Asked Questions
Still have a question?
JLLendingTeam: A collaborative group specializing in providing tailored lending solutions and financial support for clients.
Is a 15-year fixed loan right for me?
If you can handle slightly higher monthly payments, a 15-year loan helps you save big on interest and build equity faster.
Are interest rates lower on a 15-year loan?
Yes. Lenders typically offer lower rates on shorter-term loans compared to 30-year options.
Can I refinance into a 15-year loan?
Absolutely. Refinancing into a 15-year fixed loan is one of the best ways to shorten your term and save on interest.
Does a 15-year loan have prepayment penalties?
Most modern loans do not have prepayment penalties, but we’ll confirm this with your chosen lender.
Still have a question?
JLLendingTeam: A collaborative group specializing in providing tailored lending solutions and financial support for clients.
JL Lending Team
Why Choose Us for 15-Year Fixed Loan?
Local Experts
Serving California’s veterans with deep knowledge of the state’s housing market.
Fast, Tech-Enabled Process
Apply, upload documents, and track your loan online.
Personalized Guidance
We’re not tied to one lender — we find the best loan for you.
Contact Us
Ready to Get Started with a 15-Year Fixed Loan?
Save more, pay less, and build equity faster with a 15-year fixed-rate mortgage from JL Lending Team. Let’s find the perfect plan to help you become mortgage-free sooner.
Start today and lock in your low rate.