Get To Know Your 30 Year Fixed MortgageJan 7 2013
By: Nicole Gates
One of the most popular mortgage options available to home buyers is the 30 year fixed mortgage. But what does a 30 year fixed mortgage actually mean? And more importantly, should you get one? Guaranteed Rate has the information you need!
A fixed mortgage is a mortgage whose interest rate stays the same throughout the entire duration of the loan, which in this case, is 30 years. That means, whatever interest rate you lock at the beginning of your 30 year fixed mortgage, will remain your interest rate for the entire life of the mortgage, unless you decide to refinance.
A 30 year fixed mortgage is great if you desire:
• Low Monthly Payments
• Rate Security
• Predictable Payments
Should You Get a 30 Year Fixed Mortgage?
If you plan on staying in your home for more than 5-7 years and want to have a mortgage payment that spreads out over many years – then yes.
However, if you're expecting to move before that time, or you don't want to be stuck with your rate for the entire term of your mortgage, then you may want to consider a different mortgage type.
Contact one of our mortgage experts to go over your home goals and all your mortgage options. Or, learn more about all your loan options by downloading the eBook "Demystifying the Mortgage Process" for free!