No Guessing. Your Rate. Your Loan. Designed for You.
There's no one-size-fits-all mortgage. That's why we give you personalized options to meet your exact needs. From 15-year conventional loans to FHA programs, we have you covered. See today's rates tailored specifically to your needs.
Buying a home is one of the biggest financial decisions you’ll make in your lifetime. When choosing a home loan option it’s important that your choice reflects your long-term financial goals. Let’s review the pros and cons of 30-year mortgage rates, who should consider a 30-year loan, and the options available to borrowers to help decide if a 30-year mortgage is right for you.
Of course, there is no one-size-fits-all mortgage - that’s why you have options! Let’s go over the basic 30-year mortgage rate options and loan types to choose from that best fits your financial goals.
Fixed Rate Loan
A 30-year fixed rate mortgage is among the most common types of home loans. With a 30-year fixed rate loan your interest rate won’t fluctuate for the life of the loan. This is a great option for borrowers who want a consistent, unchanging mortgage payment.
Adjustable (Variable) Rate Loan
30-year adjustable (also referred to as variable) rate mortgages have interest rates that vary throughout the life of the loan due to market changes and in yearly or monthly intervals. Adjustable-rate mortgage loans have the potential to save you money, especially if you plan to pay off the loan within a few years. For those who need to keep to a budget, a fixed-rate mortgage may be a better option.
30-year conventional loans are private loans not backed by government agencies like FHA or VA. Conventional loans often mirror the down payment and income requirements set out by Fannie Mae and Freddie Mac. Conventional loans are available in fixed or adjustable rates and typically only require a small down payment, as little as 3%, making it a great option for buyers who may not have a large down payment available. It’s important to note that down payment requirements vary from lender to lender, as well as variations based on the borrower’s credit score and history.
A 30-year FHA loan is insured by the Federal Housing Authority and is more lenient than other loans in credit and down payment requirements. FHA loans are a great option for first-time homebuyers or borrowers with a less than stellar credit history.
30-year VA loans proudly serve active-duty and veteran military members. VA loans are easier to qualify for than regular loans, require no down payment or mortgage insurance, and are backed by the federal government. VA loans have exceptionally attractive terms that vary from lender to lender.
A 30-year jumbo loan is reserved for loan amounts totaling more than the loan limits set by Fannie Mae and Freddie Mac, giving borrowers the ability to finance a non-conforming loan.
30-year mortgage rates aren’t the best fit for everyone. That’s why Wyndham Capital offers loan terms to fit every financial story. Whether you’re gearing up for retirement, have extra income at your disposal or you’re not sure what type of mortgage is right for you, we can help.