30-Year Fixed Rate Mortgage Loans

Since the 1950s, the 30-year fixed mortgage loan has been one of the most popular loan types chosen by homebuyers. However, because the term of the 30-year fixed mortgage loan is so long, borrowers pay more interest over the life of the loan and build equity more slowly, as compared to a shorter-term mortgage.
Houzzle Financial can offer some of the best interest rates available for 30-year fixed mortgage loans. A 30-year fixed mortgage loan may be a good option to consider if you:

– Plan to own your home for a long period of time (10 or more years)
– Want to budget based on a consistent mortgage payment
– Think interest rates will rise in the next few years.

Fixed-rate mortgage loans are available with a variety of repayment terms, with 30-, 25-, 20-, 15- and 10-year fixed-rate mortgages being the most common among first-time homebuyers and people who are refinancing their current mortgage loan.

Your interest rate, principal and interest payment stay the same for the duration of the loan with fixed-rate mortgage loans. This predictability makes it easer to manage your budget.

Here are some documents you may need to obtain a fixed-rate mortgage:

– Proof of income
– Evidence of current mortgage or rental payments
– Bank statements
– Verification of your down payment