Key Features
- Often chosen by buyers who plan on staying in their home for a longer period
- A consistent mortgage payment where the principal and interest payment do not change
- Peace of mind with budgeting in your mortgage
- Protection in rising rate markets where the rate never changes
- Lower monthly payments vs. a shorter – term mortgage
Other loans you might be interested in:
- 15 Year Fixed
- VA Loan
- FHA Loan
Why a 30 Year Fixed?
30–year fixed–rate mortgage requirements
- Buy a home with as little as 3% down (primary home)
- Refinance your mortgage up to 97% of the value of your home
- No Mortgage insurance options available
- For primary‚ second home or investment properties
How a 30–year fixed–rate mortgage works
- Monthly payments based on interest rate‚ principal loan amount‚ and amortized interest over 30 years
- Payment stability where your principal and interest payment will not change throughout the life of the loan
- By spreading a loan over a 30-year period‚ you’re able to make a larger purchase that you wouldn’t normally be able to make
- Pay your mortgage at any time to decrease overall interest charges