What is a 30 Year fixed rate mortgage (FRM)?
A 30 Year fixed mortgage is a loan in which interest rates do not change through the course of the loan. (The rate stays the same through the duration of the loan)
Why get a 30 Year fixed mortgage?
This is a great loan for people who really don’t like surprises. Unlike adjust rate mortgages, which rates adjust monthly, yearly, etc, the 30 year fixed rate bring the most predictability.
What might be better than a 30 Year fixed rate?
It’s hard to say if it’s better, but many people have opted to go with the 15 Year fixed rate. This is because you pay down more of the principal than the interest. In a 30 year fixed rate, you will repay more than you borrowed.
Ready to get started?
Let Alt Financial assist you through the process at locking your rate before the rates go up.