30-Year Fixed Loans
30-Year Fixed Loan Candidates
A 30 year fixed loan is ideal for borrowers who wish to make lower payments towards their loan monthly, while taking advantage of an interest rate that does not change. Explore other benefits of a 30 year fixed loan below.
How A 30-Year Fixed Loan Works
A fixed-rate mortgage loan is a loan with the same interest rate throughout the entire life of the loan, which is usually 15 or 30 years. It can be FHA, Conventional or VA loans. Your monthly P&I payment – your principal plus your interest – stays the same. Each month, you pay off some of the principal balance. This means, next month, your principal balance is lower. More of your monthly payment is being paid towards the principal, and less is being paid towards the interest.
30-Year Fixed Loan Qualifications
- A minimum 3% down payment.
- A minimum FICO® Score of 620.
- A debt-to-income ratio (DTI) of no more than 50%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
- Money to cover closing costs, which are about 2% – 6% of the purchase price.
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30 Year Fixed Mortgage Rates
|Conforming 30 Year Fixed||3.25%||3.498%|
Advantages of a 30-Year Fixed Loan
Mortgage Insurance Requirements
For borrowers making smaller down payments, primary mortgage insurance (PMI) may be required. This threshold is a downpayment of 20% of your home’s value.
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