30‑Year Fixed‑Rate Mortgage

Should You Get a 30-Year Mortgage?

If you are shopping for a mortgage, you have multiple options when it comes to your loan term. You can typically choose a term length ranging anywhere from 10 to 30 years. There are several pros and cons to a 30-year mortgage.

When you apply for a mortgage, you have the option to take out a long- or short-term mortgage. The longer the term, the lower your monthly mortgage payments will be because you have a much longer amount of time to repay the loan amount.

The 30-year fixed-rate mortgage is perhaps one of the more popular mortgage products anong borrowers simply because the monthly mortgage payments that come with them are more easily fit within the average budget. The lower payments is what makes these types of home loans more attractive among homebuyers, especially first-timers.

Qualification Requirements

• Refinance up to 95% of your primary home’s value
• Buy a home with as little as 5% down (primary home)
• Loan amounts from $25,000+

Keep in mind that the interest portion you pay on a 30-year fixed-rate mortgage will be higher compared to a shorter-term home loan. However, the lower monthly mortgage payments make it possible for many buyers to get into the real estate market.

Is a 30-Year Fixed Rate Mortgage Right For You?

There is no one-size-fits-all loan program. It is important to discuss the details of your current financial situation with a qualified Loan Officer who can advise you about all of your options available.