30 Year Fixed-Rate Loan Program

30 year fixed interest rate is one of the most desirable mortgage loan program in the nation, most people seek the low monthly payments and prefer a 30 year fixed rate mortgage as compared to a adjustable rate mortgae (ARM). The interest rates are volatile and always move up and down briskly, and therefore the majority of people like to stay with a constant fixed mortgage interest rate.

The term of a 30 year mortgage loan program is long and consequently you pay more interest over the life of the loan. The 30 year fixed loan financing is recommended for borrowers who intend to stay in their house for a long period of time. It is indeed the most common and easiest fixed rate mortgage loan to qualify for. Its longer term gives you the best chance to keep monthly mortgage payments low and use the extra cash for other purposes.

30 Year Fixed-Rate Advantages

  • Monthly payments and Interest rate are fixed for 30 years despite the interest rate fluctuations in the market. Your rate & mortage payment stay the same for 30 Years unless your taxes or homeowners insurance rates go up but your mortage rate will never change.
  • 30 year fixed mortgage loan can be refinanced if the interest rates drop in the future and also you can do a No Cost Refinance to a new 30 Year Fixed-Rate.

30 Year Fixed-Rate Disadvantages

  • A little higher interest rates because of the long term of 30 years and therefore you pay for the longer fixed rate mortgage term.
  • Mortgage payments do not drop if interest rates in the current market drops.