30 Year Fixed
Advantages of a 30 Year Fixed Rate Mortgage Loan
- Lower mortgage payments than lower terms
- Fixed rate so your principal and interest never changes
- Great low rates
- Buy a home with as little as 3% down payment
- Refinance your home with lower built up equity
Although your total life-time payments will exceed those of a 15 year mortgage the savings of having a lower payment will help allow you to pay off bills or afford a larger home. These loans have no pre-payment penalty so you can always add extra monthly payments to payoff the loan quicker than the term. The 30 Year Fixed mortgage is the most common choice for homeowners and most conservative route to choose when deciding which option is best.
30 Year Fixed Rate Mortgage terms give you the lowest payment available for your next mortgage loan. They also provide the comfort to know that your rate will not change and your payment will stay the same over the course of the 30 year note.
What you need to know:
- Monthly payments based on interest rate, principal loan amount, and amortized interest over 30 years
- Payments stay fixed for the term of the loan (taxes and insurance may however vary depending on increases or decreases each year)
- You can payoff your mortgage anytime without a pre-payment penalty
For more information about 30 Year Fixed Loans, their benefits and loan options and how it may apply to you, please contact us direct or submit the “Quick Quote” form on this page.