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15-Year Fixed Mortgage
If you have the finances to pull off a slightly larger payment each month, a shorter-term fixed-rate loan may be the way to go. Chances are, you’ll be able to pay off your home loan in half the time of a typical 30-year fixed-rate mortgage. That way, you’ll be able to focus on other things—like saving up for college funds or retirement.
Your payment is amortized over the term of the loan, meaning that your monthly payments towards the principal, interest, and escrows (if required) have been calculated to pay off the loan at the end of the loan term.
Features you’ll love:
1The APR calculation is based on a 15-year fixed-rate mortgage in the amount of $240,000 for the purchase of a single-family, primary residence with 80% loan-to-value or 20% down payment, minimum borrower credit score of 740, and estimated finance charges of 2 points and $1,200. The APR is subject to change at any time and individual APRs may vary for loan purchases and loan refinances due to loan programs being offered, loan volume, or other factors.
A mortgage expert will review and provide you the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.