30-Year Fixed Rate Mortgage
Just like it sounds: a conventional 30-year fixed rate mortgage is a home loan that’s completely paid off in 30 years, providing you make every payment as scheduled. Fixed rate means that you’ll get the same interest rate and payments throughout the life of the loan. A 30-year term gives you a more affordable monthly payment by stretching out the repayment of the loan over a longer period. If you want, you can always pay off a 30-year fixed rate mortgage faster than 30 years, by adding to your monthly payments or making extra payments.
30-year fixed rate mortgage features:
Low down payment options
3-5% minimum down payment options
No PMI with minimum 20% down payment
Consistent monthly mortgage payments for lifetime of the loan
Pay off the loan completely in 30 years if every payment is made as scheduled
Affordable monthly payments
A 30-year term allows a more affordable monthly payment by stretching out the repayment of the loan over a long period
Flexibility in paying off mortgage
Aad to your monthly payment or make extra payments to pay off the loan quicker
More house for the mortgage
Lower payments mean you could afford a more expensive home
Easier to qualify
With smaller monthly mortgage payments, more borrowers can qualify for a 30-year fixed rate mortgage
Loan options up to $5 million for non conforming loans
What’s the difference between a fixed rate mortgage and an adjustable rate mortgage (ARM)?
With a fixed rate mortgage, the rate and payment remain the same over the entire term, or length, of the loan. With an adjustable rate mortgage, the rate and payment remain fixed for an introductory period, after which the rate and payment may periodically adjust up or down. Many ARMs will start with a lower interest rate than fixed rate mortgages, then adjust once the introductory period is over. The introductory period could be a few months or a few years. For example, for a 5/1 ARM, the rate and payment are fixed for the initial 5-year period, after which they may adjust up or down every year until the end of the loan term.
Speak with a loan officer or visit one of our local branches to learn more about the difference between a fixed rate and ARM before deciding which loan option is right for you.
Is a 30-year fixed rate mortgage right for you?
If you’re ready to buy a home and want predictability and a steady, low monthly mortgage payment option, look no further than a 30-year fixed rate mortgage. A 30-year fixed mortgage is one of the most common mortgage types for homebuyers because it offers a long repayment period and lower monthly payments. Here are other scenarios to help you determine if a 30-year fixed rate mortgage is the right option for you:
You plan on living in the home for more than 10 years
You have a steady job and regular income
You want consistent monthly mortgage payments
You need a larger home but want a lower monthly payment
You want more flexibility in your household budget
Consistent monthly payments allow more flexibility when managing other household expenses
Why choose EverLEND Mortgage for your 30-year fixed rate mortgage?
We’re experts with deep experience in underwriting, processing, and closing on 30-year fixed rate mortgages. Let our professionals guide you through the experience!
This is not a commitment to make a loan, nor should it be construed as lending advice. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. EverLEND Mortgage Company is an Equal Housing Lender NMLS# 1100621.