A 15-year mortgage is a home loan with a repayment period of 15 years. It is known for its shorter term compared to standard 30-year mortgages.

Borrowers make monthly payments for 15 years, covering both principal and interest. The interest rate can be fixed or adjustable, depending on the loan terms.

- Monthly payments on a 15-year mortgage are higher than those on a 30-year mortgage. However, the higher payments contribute to quicker loan repayment.

- Most mortgages allow for early repayment without penalties. However, it's crucial to check your loan agreement to understand any specific terms related to prepayment.

- Both fixed-rate and adjustable-rate mortgages can have 15-year terms. Government-backed loans like FHA and VA may also offer 15-year options.

The loan amount depends on factors like income, credit score, and debt-to-income ratio. Lenders evaluate these factors to determine the maximum loan amount you can qualify for.

The main drawback is the higher monthly payments compared to longer-term loans. It requires a more significant monthly financial commitment, so borrowers should ensure it fits comfortably within their budget.

Refinancing can be an option to secure a lower interest rate or change loan terms. However, it's essential to consider closing costs and the potential savings over the remaining loan term.

Paying off the mortgage in 15 years allows for faster debt repayment, freeing up financial resources for other goals like retirement savings or educational expenses.