30-Year Fixed Mortgage Explained | Find The Perfect Loan

30-Year Fixed Mortgage Explained | Find The Perfect Loan

30 year fixed mortgages lock in your interest rate
giving you a uniform payment for the length of your loan. These are the most popular and well known
mortgages, both for purchasing and refinancing. With a 30 year fixed loan, you can rest assured
that your interest rate will never increase or decrease during the
30 year term. Your low monthly payments will never change, and
you always have the option to pay off the loan early. Additionally, Total Mortgage's direct relationship
with Freddie Mac and Fannie Mae allows us to offer as low as 3% down through their
HomeReady or HomePossible loan programs. Now let's talk about requirements. In order to qualify for a 30 year fixed loan,
you must have a credit score of at least 620. Applicants with a credit score upwards of 720
generally have a better chance at getting the lowest interest rate possible
for their loan. In addition, we need to make sure that you'll
be able to afford the loan, so we have to verify that your monthly debt,
including your loan isn't more than 45 or 50% of you
gross monthly income.

30 year mortgage

We also want to make sure that you have
steady employment, so we'll look at your employment history for the past 2 years. So to sum it all up, 30 year fixed loans have locked in
interest and monthly payments, you may apply with a credit score of 620 or above, and could pay as low as 3% down. To learn more about 30 year fixed rate
mortgage, and for other mortgage resources visit total mortgage.com.

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