30 Year Fixed Rate
What is it?
If you like to know exactly what your monthly mortgage payment will be each month, a 30-year fixed rate mortgage is as a good option to consider. With a 30-year fixed rate mortgage, you get the same interest rate for the complete timeframe of your mortgage, which in this case is 30 years. The benefits of a 30-year fixed rate mortgage are that your payments do not change throughout the span of your mortgage.
Key Things to Remember
- With a 30-year fixed rate mortgage, we suggest that you plan to remain in your home for at least five years.
- Because your mortgage essentially is on a 30-year payment plan, your monthly mortgage payments are more affordable than a shorter fixed-rate mortgage. To note, you will accrue more interest during 30 years, but your principal payment over the longer period of time is not as large as if you had a shorter fixed-rate mortgage.
- New home buyers
To learn more about which loan option is best for you, call to speak with one of our expert mortgage bankers or if you're ready, get started today. We’re here to provide you with a clear path to home ownership!Apply Now