There are many decisions to make when buying a house, but none are quite as important as deciding on financing terms. The 30-year fixed mortgage has always been popular among homeowners, but why? Learn more about what makes a 30 year fixed mortgage in Jacksonville Beach an attractive deal to consider.
Lower Payments
The #1 reason people choose 30-year fixed mortgages is to get a lower payment. Buyers who want an affordable monthly house payment find that 30-year mortgages offer them the best terms. For many, this mortgage product makes it cheaper to own a home than continue renting.
Flexibility
Some might argue that a shorter loan period is better because it saves homeowners thousands of dollars in interest. While that’s true, 30-year mortgages give homeowners flexibility. They can add more money to their monthly payments to pay their loan off sooner, but not feel shackled to a higher house payment for 15 years.
Stability
No one wants their mortgage payment to increase and with a fixed-rate mortgage it won’t; at least not because of interest charges. Payments might increase because of higher insurance premiums or taxes due, but these changes usually don’t drive the monthly payment substantially higher.
Easier to Qualify
People who have a high debt-to-income ratio, credit problems, or other issues that might make it hard to qualify for other mortgage products find that 30-year fixed mortgages are easier to get. For more information about 30-year fixed mortgages in Jacksonville Beach, contact The Mortgage Lady Team – Fairway Independent Mortgage Corp at themortgageladyteamfairway.com.