A 15-year fixed-rate mortgage offers many of the same advantages as a 30-year fixed loan, with the major benefit of paying off your home in half the time. The interest rate remains fixed for the life of the loan, meaning your principal and interest payment will never change.

Because the loan term is shorter, monthly payments are higher compared to a 30-year mortgage.

However, borrowers typically benefit from:

Faster equity buildup
Lower interest rates in many cases
Significant long-term interest savings
Full mortgage payoff in just 15 years

If the higher monthly payment comfortably fits within your budget, a 15-year fixed mortgage can be a strong long-term financial strategy.

Qualifying for a 15-Year Fixed-Rate Mortgage.

Qualifying for a 15-year fixed-rate mortgage is generally similar to qualifying for a 30-year mortgage, although the higher monthly payment can make debt-to-income ratios more important.

Typical qualification requirements may include:

Debt-to-income (DTI) ratio generally below approximately 45%–50%, depending on the loan program and overall borrower profile
Minimum down payment requirements such as:
As low as 3% for certain conventional loan programs
3.5% for FHA loans
0% down for eligible VA and USDA loans

Borrowers must also demonstrate stable and verifiable income. This may include:

Employment income
Retirement or pension income
Self-employment income, typically requiring at least two years of tax returns

For self-employed borrowers who may not qualify using traditional tax-return documentation, certain Non-QM loan programs may offer alternative documentation options, depending on the borrower’s scenario and program guidelines. Many of these programs may require at least 10% down payment.