Fixed Rate Conventional Loans

15-, 20-, 30-Year Fixed Loan

fixed rate

30-Year Fixed

The 30-year fixed is the most popular home loan in the country. Your interest rate and monthly principal and interest payment stay exactly the same for all 360 payments. Because the repayment period is longer, monthly payments are lower compared to shorter terms, making it easier to qualify and easier to budget. Conventional 30-year fixed loans require as little as 3% down for qualified first-time buyers and 5% for all other buyers. With 20% down, you avoid monthly mortgage insurance entirely.

20-Year Fixed

The 20-year fixed offers a middle ground between the 30-year and 15-year terms. Your payment is higher than a 30-year loan but you pay the loan off 10 years sooner and pay significantly less interest over the life of the loan. Many lenders also offer a slightly lower rate on a 20-year term compared to a 30-year.

15-Year Fixed

A 15-year fixed loan pays off in half the time of a 30-year loan, which means you build equity much faster and pay far less in total interest. The tradeoff is a higher monthly payment. However, because the lender's risk is shorter, 15-year fixed rates are typically lower than 30-year rates, which partially offsets the higher payment. This option is popular with buyers who are refinancing or purchasing a home later in life and want to be mortgage-free sooner.


  • As low as 3% down for qualified first-time buyers; 5% for all others

  • Minimum credit score typically 620

  • No PMI required with 20% or more down

  • Can qualify 4 years after bankruptcy discharge

  • Can qualify 7 years after foreclosure; 4 years after a deed-in-lieu

  • Can qualify 2 years after a short sale (LTV restrictions may apply)

Free Rate Quote!

Get free rate quote and closing cost analysis. Use our 3 Step form to get started!

Step

Step1 rates

Step

Step2 rates

Step

Step3 rates

What Clients Say About Us