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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Mortgages > Purchase
30 year fixed loan - 30 year mortgage
The 30 year fixed loan historically has been the most popular type of loan for consumers. The 30 year fixed loan is amortized over 360 months with payments due on the first of every month.
Advantages of a 30 year fixed loan
1) Usually require a low down payment of 3% or 5% of the purchase price
2) Payments are fixed and will not change over the course of maturity
3) A 30 year fixed loan will maximize interest rate deduction for taxes
Although the 30 year fixed loan is the most popular it may not be the best suitable mortgage for you either. Make sure you compare the;
30 year fixed loan vs. 40 year fixed loan
30 year fixed loan vs. 15 year fixed loan
30 year fixed loan vs. 10 year fixed loan
30 year fixed loan vs. 3/1 ARM
30 year fixed loan vs. 5/1 ARM
30 year fixed loan vs. 7/1 ARM
If you have poor credit a 30 year fixed loan may not be the best possible option either because generally you will incur a higher interest rate because of the credit. If you compare a 30 year fixed loan to a ARM product than you might find the payment are lower because of the lower interest rate. Be cautious on opting for an ARM because you may have to refinance sooner than you want to. A good solution for an ARM vs a 30 year fixed loan for people with bad credit is to prove good credit history over the term of the ARM and then refinance into a 30 year fixed loan with much favorable long term rates.
• Apply now for a home loan!
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Mortgages > Purchase Articles Archive
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
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