15-Year Fixed-Rate Mortgages in California
First Capital Mortgage Inc. is a California mortgage broker headquartered in Modesto, with a branch in Indio, serving buyers and homeowners across the state, from the Central Valley to the Coachella Valley and everywhere in between. The 15-year fixed is the loan for homeowners who want to be done with the mortgage, not just comfortable with it. The rate is lower than a 30-year and the interest savings over the life of the loan are large. The trade-off is a higher required payment.
How a 15-Year Fixed Works
Your rate and principal-and-interest payment are fixed for 180 payments. Because the balance is paid off in half the time, far more of each payment goes to principal from the first month, and you build equity much faster. The payment is typically 35 to 45 percent higher than the same loan amount on a 30-year term.
When a 15-Year Makes Sense
- Refinancing a loan you have already paid on for years, so the payment jump is small
- Planning to retire mortgage-free on a set date
- Comfortable income with room in the budget, and no higher-interest debt to pay off first
- Investment property or second home where a fast payoff is the goal
If the higher payment would leave you thin, a 30-year fixed with voluntary extra principal payments gets you most of the savings with none of the risk. We run both so you can decide.
The Loan Process
- Start Here. The online application takes about 15 minutes. Basic personal info, income, and permission to review credit.
- We shop it. One file goes to 25+ wholesale lenders, and we come back with the options that actually fit your scenario.
- Compare in plain English. Rate, payment, cash to close, and the trade-offs between them, side by side.
- Close on time. Most purchases fund in under 30 days, with a weekly update so you and your agent always know where things stand.
15-Year Fixed Questions We Hear Every Week
How much lower is the rate than a 30-year?
It varies by market, but 15-year rates typically price noticeably below 30-year rates. We quote both on the same day so the comparison is apples to apples.
Can I get a 20-year or 10-year instead?
Yes. Most lenders offer 10-, 20-, and 25-year fixed terms, and we can match the term to your payoff date.
Is it harder to qualify?
Only because the payment is higher, which affects your debt-to-income ratio. Credit and documentation requirements are the same as a 30-year.
Start Here: 15-Minute Application
Not Sure a 15-Year Fixed Is the Right Fit?
That is exactly the conversation to have before you apply. Call (209) 522-7100 or send us a note, and we will tell you straight whether it fits or whether a different program serves you better. You can also compare every option on our California loan programs page.