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30 Year fixed Mortgage Plan

30 Year fixed Mortgage Plan

The home loan market gives you a wide option to decide and pick the loan suitable for you. One such attractive loan offer is the 30 year fixed mortgage plan with several benefits and advantages to suit your purpose.

What is a 30 Year Fixed Mortgage Plan?

A 30 year fixed mortgage plan has a rate which is fixed and consistent. Your mind is at peace with this type of loan as your payment chosen according to your budget remains unchanged. Your payment remains fixed as the rate does not change. For a 30 year fixed mortgage plan you need a 5% down payment to purchase a home and 95% refinance is available. This loan also gives you the advantage of not paying any penalties for pre-payment of your mortgage.

The monthly pay of a 30 year fixed mortgage plan depends on principal amount, rate of interest when the interest is stretched for 30 years. When you go for this loan the rate of interest at that time reflects on your real payment. You can be rest assured with your monthly payments as the interest rate stays unaltered.

Advantages of a 30 Year Fixed Mortgage

The advantage of a 30 year fixed mortgage plan is that the interest and premium that you have to pay each month is known to you and you can accordingly plan your budget. Secondly, even if there is a hike in the interest rate you are saved from any kind of rising rates for the entire period of your loan life. Though one thing to be kept in mid while opting for a longer term is that in a longer term the interest that you pay on the total is higher than a short-term. However in a short term the monthly payments are higher than a loan of a longer term.

Lot of People Benefitted With this Loan

To choose which loan option suits you the best compare and analyze the loan options, calculate your payments and get guidance from good financing institutions. The 30 year fixed mortgage plan attracts people who wish to stay in the home for a longer period. This section of people want an affordable mortgage payment well budgeted, no matter if it is stretched for a longer period. In this type of a loan you donít have to be apprehensive of a change in the interest rate for the months to come as the payment is predictable and you get to plan your monthly budget accordingly.

30 year fixed mortgage plan does not give you the tension of fluctuation in the interest rate. Moreover you always get the opportunity of a refinance if there is a drop in the rate. One disadvantage is that when the owner plans to sell off his home within 5 years he would have to pay an interest sum more than the adjustable rate schemes. Nevertheless this plan is a popular choice among borrowers for it is relaxing and tension free program.

Related Topics:

Custom Mortgage Loans

Adjustable Rate Mortgage Loans

15 Year Fixed Mortgage Plan

FHA Loans

VA Loans

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