Traditional 30 Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change over the life of the loan. It’s a popular choice for many homebuyers because of its predictable monthly payment that allows homeowners to budget mortgage expenses over the long haul.

This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate mortgage loans than for adjustable-rate loans.

When mortgage interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgage loans. Fixed-rate loans may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Right now 30-year fixed mortgage rates are at a record low

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Types of Loans that can have a 30 year fixed-rate mortgage

Generally any home loan can have the option for a 30 year fixed rate mortgage. Find some typical loan uses below.

New Home

New Home Loan at basic interest rates from Gem Home Loan Company. You can apply online and check your eligibility and easy EMI. Fast Approval for your new home loan.

Home Renovation

A home conversion loan is a scheme for those who have already taken a housing loan. This loan follow some rules and regulations.It is a part of loan.

Land Purchase

Gem Home Loans offers home loan for land purchase to make your dream home. You can compare home loan rates with our compare loan table. Apply online for Home Loan.

Home Conversion

Get instant approval for renovation your home. Gem Home Loans offers home improvement loans. It is with basic rate and flexible EMI repayment.For more detail you can check our loan products.

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Is a 30 year fixed-rate mortgage right for you?

Why choose a 30-year fixed-rate mortgage?

Simple and predictable. Your interest rate and the mortgage’s principal and interest payment never change. This offers budgetary certainty that most homeowners prefer. The thinking is, that if you can afford the payments today, there’s a good chance you’ll be able to afford them in the future too.

Should I choose a 30-year Fixed rate mortgage?

For most borrowers, the answer is “yes,” but there may be alternatives that can offer similar predictability in payments for shorter time periods. That can save money in the near term and/or long-term. Thirty-year fixed rate mortgages are often best if you expect to be in your home for 10 or more years.

Advantages of a 30-year Fixed rate mortgage?

Payment stability at what is usually the lowest payment available for a fixed-rate mortgage. You can enjoy lower payments than a 20- or 15-year fixed rate mortgage. but you also retain the ability to prepay your loan, shortening the ultimate term and saving you interest cost.

Disadvantages of a 30-year Fixed rate mortgage?

Over a 30-year term you’ll pay less money each month, but you’ll also make payments for twice as long and pay more in interest over the life of the loan. The interest rate on a 15-year mortgage is lower and you’re paying off the principal faster, so you’ll pay a lot less in interest in the long run.

Home Loan - Eligibility

A mortgage backed by the Federal Housing Administration (FHA) is one of the easiest home loans to get. Because the FHA insures the mortgage, FHA-approved lenders can offer more favorable rates and terms — especially to first-time homebuyers.

Conventional loans are not guaranteed by any government agency, and are the most popular mortgage option. Fannie Mae and Freddie Mac set conventional loan guidelines, which tend to be more strict than borrowing standards for government-insured loans.

Employment and Income

Lenders require proof of steady income, and will scrutinize your employment history and income from the past two years. Self-employed borrowers and those with variable incomes will have to provide additional paperwork to verify income.

Down Payment

The minimum down payment is 3% for conventional loans;  FHA requires a 3.5% minimum down payment.  Down payments can come from your own money or a gift from a family member.

Credit Rating

Homebuyers making a 3.5% down payment will need a minimum score of 580. The down payment requirement jumps to 10% with a credit score between 500 and 579.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

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