15-year fixed-rate mortgage

Save more with a 15-year mortgage

Helping our members make smart financial decisions is one of the reasons we exist. It’s why we offer our members competitive rates on 15-year mortgages for homes located in Oregon. If you are thinking about refinancing your current home or buying a new home, connecting with our mortgage team might help you save money and put your financial dreams within reach. 

Available on refinances or purchases

Whether you’re refinancing your existing home or purchasing a new home, a 15-year might be the right choice for you.

Refinance

Refinancing your mortgage can give you the option to pay off your home sooner, but that’s not the only benefit. You can also access the equity that you’ve gained or lower your current rate when the market allows. Refinancing your mortgage could be a smart financial decision.

Purchase

Because you’re paying off your loan in half the time, the monthly payments are higher on a 15-year mortgage, but rates are lower than a 30-year mortgage. Ultimately, you’ll save more than a decade’s worth of interest payments.

See current mortgage rates

Shorter loan, less interest

It’s simple math. By paying off your loan in half the usual time, you’ll save more than a decade’s worth of interest payments. In the first 15 years of a 30-year fixed-rate mortgage, around two-thirds of your monthly payment gets eaten up by interest, and whatever’s left over gets applied to the principal. With a 15-year mortgage, it’s the opposite. Two-thirds of your payment goes toward paying down your balance, while only a third goes to interest.

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Home ownership resources

Owning a home is a rewarding experience. Learn to make the most of it with our helpful homeownership articles on topics like saving for a down payment, using your home equity wisely and upgrading your home with smart home technology.

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If your down payment is less than 20 percent of the value of the home you'll most likely be required to carry private mortgage insurance.

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Jumbo home loans: What you need to know

Upgrading your home can carry a higher price tag. A jumbo loan helps homebuyers compete in a hot market and borrow a higher amount than a traditional home loan. Learn more about this mortgage lending option and what makes OCCU jumbo loans unique.

Have questions?

Our loan officers are here to guide you through the homebuying process and answer your questions. Let's connect!