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30 Year Fixed Loan Considerations
Interest Rates and Fees
best loan period
What is a 30 Yr Fixed loan?
A 30-year mortgage has a fixed rate interest rate which doesn’t change during the entire term of the loan. It is a popular choice for many buyers because of their stable payment of principal and monthly interest that allows homeowners to plan the budget and housing expenditure over the long run.
Who are eligible for it?
Most conventional lenders require borrowers to have credit scores of at least 620 to qualify for a 30-year mortgage loan. Those borrowers whose credit scores are 720 or better will generally qualify for the lowest interest rates.
How to get this loan?
Start by researching and looking for lenders offering 30-year mortgage rates in your area. Call us now to compare the best rates.
Advantages and Disadvantages
- Lower monthly payment: Paying a mortgage over 30 years means you will have lower, more affordable payments over time.
- Stability: With a consistent principal and interest ration, you will be able to plan and support long term housing costs.
- Buy more house: With lower payments, you may qualify for a larger loan and a more expensive home.
- Gives you more room to wiggle: Lower monthly payments can help free up your monthly budget for other goals such as saving for emergencies, retirement, college tuition or repairs and maintenance.
- More total interest paid: Craning payment within 30 years means you end up paying more general interest than you would with a short term loan.
- Higher mortgage rates: Lenders charge higher interest rates for 30-year loans because they are taking the risk of not being reimbursed for a longer period of time.
- Becoming house poor: The fact that you might be able to afford more house with a 30-year loan does not mean you should overstretch your budget. Learn to give some breathing space for other financial goals and unexpected expenses.
- Slower equity growth: It takes longer to build equity in your home, because most of you initial mortgage payments will go to interest rather than paying principal amount.
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