Conventional 30 Year Fixed Rate Mortgages
30 year fixed rate mortgages are the most common type of home mortgage because of the relatively low monthly payments and fixed rate. Plus they are generally easy to qualify for.
However, because the term of a 30-year loan is long, borrowers will consequently pay more interest over the life of the loan.
The 30 year fixed rate loan is often recommended for borrowers who intend to stay in their house for a long period of time.
- Monthly payments and interest rate won’t change, even as interest rates fluctuate.
- Can be refinanced if rates drop
- Generally a higher interest rate than 15 year loans
- Monthly payments do not go down if interest rates drops