Are you considering a 30-year fixed-rate mortgage? We're not surprised. Thanks to an extended repayment period and fixed-rate, homeowners can count on a predictable low monthly payment. Here's what you need to know about a 30-year fixed-rate loan and it’s alternatives!
What is a 30-Year Fixed-Rate Home Loan?
A 30-year home loan is a mortgage that would be paid off entirely in 30 years if you make every payment as scheduled. 30-year mortgages typically have a fixed rate, meaning that the interest rate stays the same throughout the loan's life.
Benefits of a 30-Year Fixed-Rate Mortgage
Lower payment: A 30-year term stretches out the loan's repayment, which often translates to a more comfortable monthly payment.