Explore 30-Year Fixed-Rate Mortgage

30-Year Fixed-Rate Mortgage

The 30-Year Fixed Rate Mortgage is a popular and stable home loan option that offers borrowers consistent monthly payments over a span of three decades. This product provides financial predictability, making it an ideal choice for homebuyers looking to secure their dream homes while spreading out their payments.

Best for:
Individuals, Couples, Families
Property type:
Single Family Home
Multi-Family Home
Down payment:
from 3.5%
Loan Term:
30 Years
Rate type:
Fixed Rate
Loan Limits:

Key Benefits

Stable Payments
Benefit from unchanging monthly payments throughout the entire loan term.
Long-Term Affordability
Spread out your payments over 30 years, making homeownership more accessible.
Predictable Financial Planning
Plan your budget with confidence, knowing your housing costs won't fluctuate due to interest rate changes.
Interest Rate Protection
Lock in a fixed interest rate to shield yourself from potential future rate increases.
Equity Buildup
Over time, more of your monthly payment goes towards reducing the principal balance, increasing your equity in the property.
Commonly asked questions about 30-Year Fixed-Rate Mortgage

A 30-year fixed-rate mortgage is a home loan where the interest rate remains constant for the entire 30-year term, providing predictable monthly payments.

A 30-year term offers lower monthly payments compared to shorter terms, making homeownership more affordable for many borrowers.

Yes, the interest rate remains unchanged over the 30-year period, ensuring consistent payments.

Benefits include stable payments, long-term affordability, and the ability to lock in a historically low interest rate.

Most 30-year fixed-rate mortgages allow for early repayment without prepayment penalties.

Drawbacks may include paying more interest over the life of the loan compared to shorter terms and a higher overall cost.

It's suitable for those planning to stay in their home long-term and prioritize stable monthly payments.

Yes, refinancing allows you to adjust your interest rate or term to potentially save money over time.

Generally, a higher credit score increases your chances of getting a favorable interest rate.

Factors include credit score, market conditions, loan amount, and the down payment.

Yes, you can refinance to a shorter term if your financial situation changes and you want to pay off the loan faster.

A 30-year fixed-rate mortgage offers borrowers a stable monthly payment over three decades and includes options like conventional, FHA, VA, USDA, jumbo, and refinance loans, catering to various needs and eligibility criteria.

Yes, making additional payments toward the principal can help pay off the loan earlier and save on interest.

Yes, government agencies like FHA and VA offer 30-year fixed-rate options to eligible borrowers.

Compare interest rates, APRs, fees, and terms to find the lender that best meets your needs.