30 Year Fixed Loan
What is a 30 Year Fixed Rate Mortgage?
This mortgage type is popular for both purchasing and refinancing a home. Two major advantages to this loan are the fixed interest rate and predictability.
Compared to a 15-year loan, a 30-year fixed loan has lower monthly payments. The more affordable monthly payments gives you the freedom to save that extra money or even invest.
However, a 30-year mortgage means twice as many monthly payments over the life of the loan, so it takes a longer time to reach full homeownership.
Because this is a “fixed rate” mortgage, the interest rate does not change. A fixed interest gives you peace of mind that the rates won’t go up in the future.
Before you apply for a 30-year fixed mortgage, you should get pre-approved. Getting pre-approved can help you (a) figure out your price range, (b) make yourself stand out as a serious buyer to realtors and sellers, and (c) speed up the closing process.
It’s easier to qualify for a 30-year fixed mortgage if you have good credit. Typically, you want a credit score of at least 670 to qualify for this type of loan.
Also, if your debt-to-income ratio (DTI) is low, you may be able to get a lower mortgage rate. The debt-to-income ratio measures how much of your monthly income goes into paying off debt (credit cards, student loans, etc).
You can also choose to refinance with a 30-year fixed rate loan. In this case, you will need to provide proof of income, homeowner’s insurance, and asset information (bank statements, investment records).
Keep in mind, home-buyers with a 30-year loan have the option to refinance into a 15-year loan down the road. This type of refinance can shorten the life of the loan while saving you money on interest over time. While it’s great to have that option in the future, you should speak to a mortgage professional to better understand your refinance options.
All in all, the 30-year fixed mortgage is a practical course of action for home-buyers who don’t mind more monthly payments over the life of the loan. It’s a great option for borrowers who prefer a fixed interest rate and lower monthly payments. Speak to a mortgage professional to see if a 30-year fixed mortgage is right for you.
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