home-purchase / 30 Year

Stay flexible with a 30-year mortgage

Enjoy the benefits of lower monthly payments with a 30-year mortgage. It’s a great option for homebuyers who want to manage affordable payments while freeing up cash for other things that matter to them.

With a 30-year fixed-rate mortgage, your payment never changes over the life of the loan — no matter what’s happening with the economy. Prefer stability? You may like this loan.

30-Year Mortgage Rates

Buying a home is one of the biggest financial decisions you’ll make in your lifetime. It’s important that your choice for a home loan reflects your financial goals. Let’s review the pros and cons of 30-year mortgage, who should consider a 30-year loan and the options available to borrowers to help decide if a 30-year mortgage is right for you.

What is a 30-Year Mortgage?

A 30-year mortgage is a home loan that is calculated to be paid off within 30 years. These loan types often come with lower monthly payments but slightly higher interest rates than other home loans. Read on to learn if this loan term is right for you.

30-Year Mortgage Rates Pros & Cons

Just as with any loan option, there are pros and cons to consider. Here are some of the benefits and setbacks of 30-year mortgage rates and terms:

Pros

  • Lower Monthly Payment Than 15, 20-Year Loans
  • Possibly more budget friendly
  • Interest Paid could be Tax-Deductible

Cons

  • Higher Interest Rates Than 15, 20-Year Loans
  • More Money Paid Toward Interest Over Life of the Loan

You Should Consider a 30-Year Loan If You…

Now that you know the pros and cons of 30-year mortgage rates and terms, it may be easier to understand when this home loan type would be most beneficial. You should consider a 30-year loan if you…

  • Want The Lowest Monthly Payment Amount

Want To Claim Additional Write Deductions & Lower Your Tax Liability. Next, it is important to know the different rate options and loan types available should you choose to go with a 30-year mortgage.

30-Year Mortgage Rate Options & Loan Types

Of course, there is no one-size-fits-all mortgage – that’s why you have options! Let’s go over the basic 30-year mortgage rate options and loan types to choose from that meet your financial goals.

30-Year Mortgage Rate Options

Fixed Rate Loan

A 30-year fixed rate mortgage is among the most common types of home loans. With a 30-year fixed rate loan, your interest rate won’t fluctuate for the life of the loan. This is a great option for borrowers who want a consistent, unchanging mortgage payment.

Adjustable (Variable) Rate Loan

Thirty-year adjustable (also referred to as variable) rate mortgages have interest rates that vary throughout the life of the loan and in yearly or monthly intervals. Adjustable-rate mortgage (ARM) loans have the potential to save you money, especially if you plan to pay off the loan within a few years. However, for those who want a consistent payment or have a flexible budget, a fixed-rate mortgage may be a better option.

Other Loan Options

Thirty-year mortgage rates aren’t for everyone. That’s why Wyndham Capital offers loan terms to fit every financial story. Whether you’re gearing up for retirement, have extra income at your disposal, or want to know what type of mortgage is right for you, we can help!