15/15 Hybrid Home Loans

The best of both worlds

Your rate is locked in for the first 15 years, then adjusts only once after that

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A stable rate for the first 15 years

A 15/15 hybrid home loan gives you a consistent interest rate for the first 15 years of your mortgage—and a lower interest rate than most 30-year fixed-rate mortgages.

  • Lock in your initial rate for the first 15 years of your loan.
  • Your interest rate adjusts just once during the 30-year loan term, so you don’t have to worry about yearly rate changes.
  • Use the money you save on interest for college tuition, retirement, or other financial goals.
  • Many borrowers move or refinance before their 15-year rate adjustment.

Mortgage calculators

How it works

1

Get preapproved

Find out how much you can borrow, and let sellers know you’re ready to buy.

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2

Choose your home

Make your wish list, choose a real estate agent, and find your dream home.
3

Make an offer

If your offer is accepted, you’ll need a home inspection and appraisal.
4

Close the sale

Once you sign the paperwork, you can get the keys and prepare to move in.

Mortgage FAQs

With a 15/15 hybrid home loan, your rate is locked in for the first 15 years, and then changes only once. Many other ARMs will begin adjusting after only a few years and adjust yearly after that.

Your down payment depends on several factors, such as the price of your new home and the type of loan you want. Many people put 20% down, but it’s possible to buy a home with a lower down payment, or even no down payment in some cases.

If your down payment is less than 20%, you’ll need to get private mortgage insurance, which protects your lender if you default on your mortgage.

With a down payment of 20%, you might qualify for a lower interest rate. And the larger your down payment, the lower your monthly mortgage payment will be. A higher down payment can also give you a competitive advantage over other buyers, especially in a competitive market.

If you want to buy a home within the next few months, then it’s a good idea to get preapproved. Preapproval shows the seller that you’re serious about buying and you have the funds you need to make a purchase. If you’re searching for a home in a competitive market, preapproval makes your offer more attractive to sellers and gives you a critical advantage over other potential buyers.

While many lenders cancel their preapprovals after 90 days, there’s no expiration date on ours. If any of the documents in your credit approval file are out of date, we’ll offer you the opportunity to update them so that you can keep your preapproval in place.

Your credit score affects the interest rate you qualify for when you apply for a mortgage. With a higher credit score, you can usually qualify for a lower interest rate, which lowers your monthly payment and reduces the overall cost of your loan.

If you’re not sure what your credit score is, you can request a free copy of your credit score every 12 months from https://www.freecreditreport.com/. If your credit score isn’t as high as you’d like it to be, here are some tips for improving your credit.

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Learn more about our team

Our mortgage experts are ready to help you one-on-one, every step of the way. We streamline the process to make it easier for you, and we’re always ready with advice and assistance.

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