What is a 30 Year Fixed Rate Mortgage?
This is the most popular and conventional loan program. Your monthly payment is calculated based on the initial interest rate, and never changes for the 30 year life of the loan. The 30 Year Fixed Rate Mortgage is considered the most conservative because there is no risk that changing market conditions will effect your monthly payment. This loan is probably right for you if you don’t plan to move or refinance for at least 10 years and you expect interest rates to increase over this period, or you just feel uncomfortable making an interest-rate bet at this time. This loan may also be right for you if you don’t expect your income to increase significantly over the next several years.
