Best: During times when interest rates are low, and you’ll be staying in your home for years.
30-Year Fixed Mortgage
When you can get a lower interest rate, you want to lock it in for the life of the loan, don’t you? Well, that’s what a 30-year fixed mortgage does. It locks your rate for 30 years.
Even if you’re not going to have your home or that particular home loan for 30-years — many borrowers get this loan. That’s because even if the future is unpredictable, your loan isn’t.
This type of mortgage loan gives you peace of mind that your payment will remain the same (unless your taxes or insurance change).
Are 30-year fixed mortgages popular?
Yes, borrowers love the 30-year fixed because it gives them predictability in their monthly budget.
Advantages of a 30-Year Fixed Mortgage
- Lower payments – with the longer term, your payments will be lower than a 15-year mortgage.
- Flexibility – you can pay extra on your principal if you want, but you can always pay the minimum payment if your budget is tight.
- Budgeting – with a fixed-mortgage payment, you’ll have more control and prediction over your budget.
- Easier qualifying – with lower payments, it’s possible to qualify for a larger loan amount so you can get the home you want.
- More breathing room – with a lower house payment, you’ll have money for other things like private schools, travel, or investing.
When is a 30-year fixed a good idea?
When rates are low, these loans are outstanding.
When is a 30-year fixed a bad idea?
On the flip side, when rates are high — you might want to get a lower adjustable rate, especially if you’re not staying in the home for 30-years.
Homestead is a top lender of 30-year fixed-rate mortgage loans for purchasing and refinancing. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!
What they say about us.
Kelley J. says…
"They were always available and had everything ready well before the closing date. It was a pleasure doing business with them."
Ousman J. says…
Cari was very helpful, she took her time to explain everything that i wanted to know, she was really a God sent, she helped me made good decisions towards my choices in my loan application. She really knows what she is doing.
Stephen S. says…
Aaron' ability to effectively communicate, respond in a timely manner, friendly demeanor, and overall professionalism made this a 100% easy experience. His knowledge of his industry is amazing. He is clearly a subject matter expert and a professional.
John and Mary K. say…
"Communication was clear and easy; our loan officers were friendly, accessible and helpful; reviewing and signing documents couldn’t have been easier! Thank you!! We love our new home!"