30 Year Fixed Rate Mortgage

About 30 Year Fixed Rate Loans

A fixed rate means that the principal and interest rate of the loan does not change during the life of the loan. A 30 year fixed rate mortgage is similar to a 15 year fixed rate loan except that it offers a higher interest rate but lower monthly payments.

A 30 year fixed rate loan is the most common loan term and product type. It offers borrowers the convenience of lower monthly payments with the added option of paying extra each month if desired. The typical down payment of this loan is 5%, however, on some occasions it can go down to as little as 3% down. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

The traditional 30 year fixed rate mortgage has a consistent interest rate and monthly payments that never change. Since the loan is for 30 years, borrowers can expect a lower monthly payment but keep in mind that you’ll be paying more interest over the life of the loan. That’s why many borrowers start with a 30 year fixed rate loan and as their income increases over time, later refinance for a shorter-term loan and a decreased interest rate.

30 year fixed rate mortgage vs 15 year fixed rate mortgage

Loan Type
30 year fixed rate
15 year fixed rate
Loan Life
Long
Short
Interest Rates
High
Low
Monthly payments
Low
High
Who it's for
First-time homebuyers
Those looking to pay off their mortgage as soon as possible

Who is this loan for?

A 30 year fixed rate mortgage loan is a popular choice for first-time homebuyers since it offers lower monthly payments.

Benefits of 30 Year Fixed  Rate Mortgages

Easier to qualify
Lower monthly payments
Predictable
Fixed interest rate

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Christopher Paul Financial, LLC dba CPF Mortgage is a Florida Mortgage Lender (NMLS 222883), Florida State License MLD929, Colorado, Georgia and Tennessee registered mortgage company located at 10710 State Road 54, Ste. C101, Trinity, FL 34655. All loan approvals are credit driven and all decisions are based on underwriting credit approvals. All rates, terms, and programs are subject to change without notice. Borrowers should consider their options carefully when choosing a loan program.
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