30-Year Fixed Rate Mortgage
Fixed-rate mortgage loans have the same interest rate for the entire repayment term. With a fixed-rate loan, your monthly principle payment will remain the same, month after month, and year after year through the life, or term, of your loan.
Benefits of a 30-Year Fixed Mortgage
- The interest rate remains “fixed” for the life of the loan.
- While the ratio of principal and interest will vary slightly from month to month, the total amount of your monthly payment remains the same through the life of your loan.
- Offers the benefit of predictability as your monthly payment doesn’t change.
- Generally the best option for people who plan to stay in a home for several years.
Other Loan Options
Before approaching a lender and starting the process of filling out a mortgage loan application, you can benefit from an understanding of the different types of mortgages available and the advantages and disadvantages of each.
Did you know you can combine different mortgage types and options for a tailored approach to your home purchase. Ask us how!
Learn More about Buying a Home
Going into a negotiation for a house can be daunting, but following a few simple strategies to can help you make sure you get the best value when buying a home.
While credit is a major factor of your mortgage loan, it is definitely not everything. It pays to know all of your options when you’re planning to buy a home.
Your credit score is more important than you may think! See how it can affect your home buying process.
You’ve found the home of your dreams! Now it’s time to learn how to make an offer that will transform this dream into a reality.
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