30 Year Fixed Mortgage Rates
There are many homeowners who are choosing a 30 year fixed mortgage rate as their home loan option. It allows them to pay the same rate for 30 consecutive years. While this may be a tempting deal, it is best to ask yourself if this is the right deal for you.
Your Monthly Budget
When you choose the 30-year fixed mortgage rate option, you are paying the same interest rate throughout the mortgage term. It is a good option for anyone who likes to stay in control of their monthly budget. You do need to figure out your current monthly budget, and how much the rate may cost, so you know if this option fits your lifestyle.
Are You Planning To Relocate?
A 30 year mortgage rate option means you are in a long term agreement. It is important to figure out how long you plan to stay in your home before choosing this option.
- You do not want to sign a long term mortgage for short term plans.
- Consider this mortgage if you are planning to stay in your home for more than seven years.
- Are you only planning to stay for five years or less? You may want to consider a short term mortgage.
Refinancing or Purchasing Your Home?
If you are planning to refinance your home, you may not want to choose this long term option. A 30-year fixed mortgage rate is a better option for anyone looking to purchase their home.
Monthly Payments Are Affordable
It is no secret that you have to pay interest with a 30 year mortgage rate option. However, you can spread it out over those 30 years, making it easier to afford those monthly payments.
Do you want to learn more about 30 year fixed mortgage rates? Contact Paramount Equity Mortgage® via email or by calling (855) 333-5336. We will be happy to help you choose the right home loan option.
The Paramount Pledge™ – Triple Protection
The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.
No Application Fee – Other lenders charge hundreds of dollars to start the loan process with you. Paramount Equity Mortgage® will never ask you to pay an application fee just to lock in your rate.
Better Rate Warranty – After you complete a loan with us, we will cover most of the cost to refinance or purchase within the next seven years, for any reason.
Set & Secure Closing Guarantee™* – Once we receive all required borrower information, your signed disclosure and lock your loan, we guarantee we can close your loan at the rate and terms we provided. If we can’t, we will pay you $500.
* The Set & Secure Closing Guarantee is not valid in the event that there is an unforeseen change such as, an appraisal coming in under value, undisclosed debt at the time the loan was pre-qualified, a change in income due to loss of job or change in employment, etc. This guarantee is also not valid in the event that you withdraw your application or request a change to the terms of your loan. A change in terms would consist of, but is not limited to, a change in loan amount, fixed vs. adjustable rate, number of years the loan is amortized, adding/removing a borrower, etc.
On a purchase transaction with a Conventional 30 year fixed loan, a payment of $1066.23 with an LTV of 70%, and a 4.210% % APR. For all information a loan amount of $220,000 is assumed and a rate of 4.125% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (4.210%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.