30-Year Fixed
What is a 30-year fixed mortgage?
A 30-year fixed mortgage is a loan whose interest rate stays the same for the duration of the loan. For example, on a 30-year mortgage, the monthly payment and interest rate would stay the same for the life of the loan.
A 30-year fixed mortgage is perfect for people who want a predictable, fixed deduction from their monthly budget. It's also an attractive option if you plan to stay in a house for more than 5-7 years and want to spread out your mortgage payments over a longer time to make them more affordable.
The Benefits:
A 30-year fixed mortgage is a loan whose interest rate stays the same for the duration of the loan. For example, on a 30-year mortgage, the monthly payment and interest rate would stay the same for the life of the loan.
A 30-year fixed mortgage is perfect for people who want a predictable, fixed deduction from their monthly budget. It's also an attractive option if you plan to stay in a house for more than 5-7 years and want to spread out your mortgage payments over a longer time to make them more affordable.
The Benefits:
- A predictable monthly payment.
- Simple and easy to understand.
- Fixed rate protects against fluctuations in rate due to market conditions.
- Payments will typically be lower than other shorter term fixed rate products due to the duration of the loan.
