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30-Year Fixed Mortgage



What Is A 30-Year Fixed Mortgage?



A 30-Year fixed mortgage is quite possibly the most prevalent type of mortgage loan in the United States. It has several elements that make it easy to understand and quite possibly the most comfortable choice for homeowners.


For one, it is a fixed rate mortgage. This type of mortgage is one where the rate on the note remains the same throughout the life of the loan, as opposed to loans where the interest rate (and thus payment) may adjust or "float" based on the designated index (e.g. LIBOR, COSI, COFI, and so on) as well as current market conditions. The rate on a 30-Year fixed mortgage is fixed with no changes, no adjustments, or payment shocks ever.


Another comforting element of the 30-Year fixed mortgage is that it provides a relatively low payment since the amortization or repayment is spread over 30 years. This enables the loan amount to be spread over 360 payments and provide affordability to homeowners, as opposed to other loan programs that may have a lower amortization period. An example of this would be the 15-Year fixed mortgage.


The next comforting element making this loan the most common one is that each payment you pay actually goes towards the reduction of principal and interest. So as opposed Interest Only loans, a 30-Year fixed mortgage actually pays down the principal, in addition to interest, with every single payment. This makes the loan a fully-amortized one. This also adds to its attractiveness, since a homeowner will know that each payment is actually putting a dent in the outstanding loan balance.


Lastly, the 30-Year fixed mortgage provides an element of stability in terms of payment. This is due to the fact that the payment is predictable for the duration of 30 years and allows families to plan around an easy-to-forecast mortgage. Families learn to budget, save, and invest accordingly when they are able to easily predict financial obligations going forward.


Learn more today by contacting us. The rates on 30-Year fixed mortgages are at an all-time low, and locking one in today is one of the best opportunities you may ever have!




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