30-Year Fixed Mortgage
Who Are 30-Year Fixed Loans Best For?
How Do 30-Year Fixed Loans Work?
How Do I Qualify For A 30-Year Fixed Rate Mortgage?
To qualify for a 30-year fixed rate loan, you’ll need:
- A minimum 3% down payment.
- A minimum FICO® Score of 620.
- A debt-to-income ratio (DTI) of no more than 50%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
- Money to cover closing costs, which are about 2 – 6% of the purchase price.
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30-Year Fixed Loan Benefits
- Your monthly payments will be less for a 3–year fixed loan than a 15-year fixed loan, even though interest rates for a 15-year fixed loan are generally a little lower. That’s because your payments will be spread out over a longer period.
- You can pay off your mortgage at any time without prepayment penalties.
- You may be able to avoid mortgage insurance with a down payment of 20% or higher.
- Your interest rate is fixed for the life of the loan, so you don’t have to worry about rates rising.
- You can buy your primary home with as little as 3% down.
- You can refinance your primary home for up to 97% of its value.
Mortgage Insurance Requirements
- This typically costs 0.5% – 1% of your loan amount per year, spread over 12 payments.
- Once you reach 20% equity in your home, you may be able to request to cancel PMI.
- PMI is often cancelled automatically once you reach 22% equit
Why Choose Home-Equity-Line.com
Home Equity Line provides consumers with award-winning service, which means, we align with Home Loan affiliates so you’ll get the same care and attention throughout the entire life of your HELOC.