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30-Year Fixed Rate Mortgage

The 30-year fixed-rate loan is one of the most popular mortgages. For those who want the stability of fixed rate mortgage payments.

What is a 30-Year Fixed-Rate Mortgage?

Fixed-rate mortgages, typically a 30-year amortization period is the most common, allow for repayment of the loan in equal monthly mortgage payments over a specified period of time. The interest rate never changes during the duration of the loan. The payments work as being credited to interest first, then to the principal. Many people like the fixed interest rate. Borrowers gravitate toward fixed-rate mortgages in-lieu-of adjustable-rate mortgages because they like the security of knowing exactly how much they will pay per month for principal and interest. But since the term of the loan is long, you’ll pay more interest over the life of the loan than you would on a shorter-term mortgage, and generally you’ll build equity more slowly.

  • Same payment month to month.
  • Multiple terms available, 30-year is the most common.
  • Purchase or Refinance
  • Property can be: One, two, three or four (owner occupied only), Second home (single family units and Condominiums only)*, Condominium, Planned unit development, Townhouse, Cooperatives (Co-ops) in Nassau, Suffolk counties and NY Metro Area.

Fixed-Rate Mortgage Benefits:

  • Security of knowing exactly how much your monthly payment will be.
  • The interest rate is fixed, so if overall interest rates increase, it does not affect the fixed-rate borrower.
  • If overall interest rates decrease, the borrower’s payment still remains the same unless the borrower chooses to refinance the mortgage into a lower rate.
  • A borrower can choose to make a larger monthly payment and direct the additional portion of the payment to be paid toward principal, thereby decreasing the principal balance of the loan faster. Paying half your monthly mortgage every two weeks pays off your mortgage in about 22 years. One extra payment per year reduces the amortization period to about 26 years. But additional principal payments are not required.


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Meadowbrook Financial Mortgage Bankers Corp., 1600 Stewart Ave, Suite 701, Westbury, NY 11590 Office: (800) 959-8892, (516) 867-3020