A 30 year fixed rate mortgage loan is the pretty much the maximum time you can get a home mortgage. With the 30 year fixed rate you will be able to keep your payments down by making them over an extended time period of 30 years. This loan is the easiest fixed-rate to qualify for and provides the maximum interest deduction for taxes. If you are planning to stay in your home for a long time & would like to have the extra money for other purposes this type of loan is your best bet.
Please click here to visit our section of mortgage calculators that will let you know where you stand and what you kind of payment you can expect with a 30 year fixed rate mortgage.
There are advantages of financing your home on a 30 year fixed rate mortgage. This option does offer you the lowest payment option. The 30 year fixed rate mortgage is probably the easiest to get approved for because it does lower you payments since you have more payments and with a fixed rate there are no surprises.
There are some disadvantages of financing your home on a 30 year fixed rate mortgage. One disadvantage is you are paying lots more in interest over the life of the loan. Another disadvantage is the interest rate on a 30 year fixed rate mortgage is higher than the other two options.
Be sure to visit our "Which Loan Is Right For Me?" section for a list of loan terms and the pros and cons of each one.
