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The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then stable-rate loans are usually cheaper.
We're here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our Free 30-Year Fixed Rate Mortgage Qualifier.
We'll help you clearly see differences between loan programs, allowing you to choose the right one for you.
With a 30-year fixed rate mortgage, your interest rate is set at closing and never changes. Your principal and interest payment stays the same from the first month to the last, even if rates go up. Taxes and insurance paid through escrow can still change year to year.
Spreading the loan over 30 years keeps your payment lower than a 15- or 20-year loan and leaves more room in your budget. The tradeoff is more interest over the life of the loan. You can cut that down anytime by paying extra toward principal, and if rates drop later, refinancing is always an option.
A strong fit if you: plan to stay in the home for several years, want the lowest fixed payment available, or like knowing exactly what you’ll pay each month.
Here's how our home loan process works:
30-year fixed loans come in conventional, FHA, VA and USDA versions, each with its own credit and down payment guidelines. Conventional loans can start at 3% down for qualified buyers, FHA at 3.5%, and VA and USDA loans may require nothing down for eligible borrowers. The fastest way to know where you stand is to run your numbers.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your Free customized rate comparison below:
