What is 30-Year Fixed Rate Mortgage?
Mortgages can be financed in many different terms (length of the note). For fixed rate mortgages, 10-year, 15-year, 20-year and 30-year terms are the most common. If you have a 10-year note, your loan will be paid off in 10 years. You will pay an equal monthly payment which will include principal and interest. If you have a 20-year note, then it will take 20 years to payoff and a 30-year note takes 30 years to payoff. Apply Now for a 30 Year Fixed Rate Mortgage! What’s the advantage to a 30-year term? The main advantage to choosing a 30-year mortgage term is the lower payment. Your interest rate is typically a little higher with a 30 year note. You can compensate however with paying extra principal with each payment to minimize your cost and pay the loan off sooner. Apply Now for a 30 Year Fixed Rate Mortgage! What’s the downside to a 30 year mortgage? The downside to a 30-year mortgage term is the high cost. The compounding of interest over 30 years can equal hundreds of thousands of
