There are many advantages to a 30 year fixed mortgage in Jacksonville Beach. When buying a home, a borrower should consider the pros and cons of various loan programs. Here are the top three benefits of this type of mortgage.
If you opt for a 30 year fixed mortgage in Jacksonville Beach, you will have a predictable monthly payment. When a home loan is fixed, it means the interest rate is locked in for the life of the loan. For comparison, a homeowner’s payments can fluctuate with an adjustable-rate mortgage. Inflation and the global economy can cause interest rates to climb and drop. Many households like this stable product because they can build a long-term budget from it.
There are several forms of fixed mortgages. A traditional one requires some down payment, which is typically 20%. The federal government backs FHA loans, and borrowers with lower credit scores and little to no down payment can take advantage of these. Qualifying veterans can get a VA loan with no money down.
Because the payments are stretched out over 30 years, people can often qualify for a higher loan amount, which means they can get a more expensive piece of property. The difference between a 15- and a 30-year loan can be quite dramatic. There are other conditions that affect the loan amount, such as debt and income. For more details about a 30 year fixed mortgage in Jacksonville Beach, visit The Mortgage Lady Team-Fairway Independent Mortgage Corporation at themortgageladyteamfairway.com