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A 30-year fixed mortgage is a mortgage with a fixed interest rate that stays the same for 30 years. Pretty simple, right? When you get a 30-year fixed mortgage, you are making a decision to embrace stability and know what you will pay for the duration of your mortgage every month. You will pay off interest at the beginning of the loan, and principal nearer the end. There are many advantages of a 30-year fixed mortgage.
Advantages of a 30-Year Fixed Mortgage
- You know what your mortgage payment will be every month, and you can budget accordingly to make sure that you make the payments and your monthly expenses are still manageable.
- You will have a lower monthly payment as opposed to a 15-year mortgage or other mortgage types.
- If this is your forever home or a long-term home for you, you know that you will have the same payment throughout the life of the loan and have long-term stability.
- With the lower payment, you can use the savings to put away cash for emergencies, you can pay off other debt, you can avoid credit cards and can invest the money for further financial stability.
- When rates are as low as they are, you can jump on it and keep that rate throughout the life of the loan, and you can be assured that you will always have it.
- There are generally not pre-payment penalties for a 30-year mortgage, meaning that you can pay the mortgage off faster and pay extra towards the principal, without having to deal with a shorter-term loan that demands a higher monthly payment.
Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, Nashville at (615) 810-8555 or Birmingham, AL at (205)721-7656. You can always apply online at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?