30 Year Mortgage
The most popular type of mortgage, the 30-year fixed-rate loan is most appealing to borrowers who want to stay in their homes for a long period of time and who want to enjoy consistent interest payments during this period. Other benefits include keeping housing expenses to a minimum while maximizing mortgage interest deductions for income tax purposes.
30 Year Mortgage Features
- This mortgage can require a low down payment, sometimes only 3 or 5 percent.
- Payments are stable, your monthly mortgage payment will not increase. Taxes, insurance and homeowners fees may change but your principal and interest payment will remain constant
- The 30-year fixed-rate mortgage provides maximum interest deduction for tax savings.