30 Year Fixed Rate Mortgage
Low Rates and Consistent Payments.
If you’re planning to stay in your home for the long term, a 30-year fixed-rate mortgage will give you the peace of mind and stability of a payment that never changes.
Having a consistent mortgage payment gives you the ability to budget without worrying about whether you will have the income to meet your monthly payments.
How a 30-Year Fixed Rate Mortgage Works
As with most mortgages, monthly payments are based on interest rate, principal loan amount, and amortized interest over 30 years. This means your payment will not change – you will pay the same amount for month one as you will in 10 years’ time.
Of course, your actual payment will vary based on your situation and the current interest rate at the time of application.
Another benefit of a 30-year fixed rate mortgage is that you will have the ability to pay your mortgage off at any time without facing prepayment penalties.
How To Qualify for a 30-Year Fixed Rate Mortgage
Qualification requirements for this kind of mortgage are as follows:
- Refinance up to 95% of your primary home’s value
- A minimum 3% down payment
- Your loan amount must be anywhere from $25,000 to $2,000,000
- Your gross monthly income will be taken into account during the qualifying period, as well as monthly debt obligations.
Often, those who are searching for a long-term home can find the loan process daunting – but Austin Capital Mortgage is here to help! If you have any questions, or need help finding a loan that is perfect for you, give us a call today! We’d be happy to assist you.
The Financing Process
Homebuyers often start by requesting a quote for their interest rate or beginning an application with a lender for pre-approval. By sharing basic information about your potential purchase, we’ll work with you to pull your credit report and discuss your finances and the potential value of the house you’re interested in purchasing.
As we move through the process together, we’ll arrange for an appraisal of the house to determine its value. The loan may require two appraisals if its value is above a certain amount.
We’ll also discuss the terms you qualify for and your options, as well as request various documentation for the underwriting process to make sure the loan begins on a solid foundation.
We’re with you through each step leading to closing, where we’ll finalize your 15 year fixed rate loan when you’re ready to purchase.