30-Year Fixed Rate Mortgage
Lock in your interest rate to ensure a predictable monthly payment.

What To Know About 30-Year Fixed-Rate Mortgages
Who Are 30-Year Fixed-Rate Loans Best For?
- A 30-year fixed-rate mortgage might be the right option for you if you want:
- Lower monthly payments
- Predictable payment amounts
- To stay in your home for a long time
How Do 30-Year Fixed-Rate Loans Work?
- You pay off your loan over 30 years.
- Your interest rate remains the same.
- If you want to pay off your mortgage sooner, you can make extra payments or refinance.
How Do I Qualify For A 30-Year Fixed-Rate Loan?
- Minimum 3% down payment
- Minimum credit score of 580 to 620, depending on the loan type
- Debt-to-income ratio no higher than 50%
- Pay closing costs, which typically total 2% to 5% of the purchase price
30-Year Fixed-Rate Loan Benefits
- Monthly payments are lower compared to a 15-year fixed-rate mortgage.
- You have more time to pay off your loan.
- Your interest rate doesn’t change.
- You could buy a home with as little as 3% down.
- You don’t have to pay for PMI with a down payment of at least 20%.
Mortgage Insurance Requirements
There are some cases where you’ll have to purchase mortgage insurance, which protects the lender if you can’t repay your loan:
- You take out a conventional loan with a down payment of less than 20%.
- You take out an FHA loan.
- You take out a USDA loan.
Frequently Asked Questions
Here are answers to common questions about 30-year fixed-rate mortgages.
Can your monthly payment change with a fixed-rate mortgage?
Your interest rate won’t change, but the amount you pay for homeowners insurance and property taxes can increase and affect your monthly payment.
Can you get a lower monthly payment with a 30-year fixed-rate mortgage?
A longer loan term gives you more time to repay your mortgage and requires a lower monthly payment than a loan with a shorter term.
Are there downsides to a 30-year fixed-rate mortgage?
You may pay more interest overall than you would with a shorter loan term, but the monthly payment will be more affordable.
Ready To Buy A Home?
Connect with a lender that will work with your unique financial situation, or use our calculators to estimate how much home you could afford.