What is a 30-year fixed rate mortgage?
The 30 year fixed rate mortgage is a Providential’s most popular home loan option. It’s a long term mortgage option with the same interest rate while you have the mortgage. Payments will always stay the same and allowing borrowers to know exactly how to budget finances each month.
Who should get a 30-year fixed rate mortgage?
People who want to keep their monthly payments consistent to allow for monthly budgeting. It’s also attractive to people who plan to stay in the house for at least 5 years and want their mortgage payment spread out so it’s more affordable.
What are the pros and cons of 30-year fixed mortgages?
- It’s a predictable monthly payment
- It’s relatively simple and maintenance-free
- It provides a tax deduction from the interest you pay on your mortgage
- Rates and payments are usually higher than 15-year fixed mortgages
- If the owner decides to sell the home in less than five years, they could end up paying more interest
Why Trust Providential?
We’ll save you more money and will offer you low interest rates compared to the competition. If you apply online, you can save money on your home loan and closing fees.
Providential has helped tens of thousands of borrowers find the perfect home loan option for them. Apply online today!
Other Loan Options:
- 15 Year Fixed Rate Mortgage
- Jumbo Mortgages
- Reverse Mortgages
- FHA Loans
- ARM Loans
- VA Home Loans
- Interest-Only Loans
- USDA Home Loans
- 203K Loans
- HELOC Loans