30-Year Fixed Mortgage
If there were one word to sum up a 30-year fixed rate mortgage, it would be stability. Your interest rates remain the same throughout the entire 30 years, so you never have to worry about your interest ballooning up.
Stability sounds great, but is a 30-year fixed rate mortgage right for you? Let’s dig a little deeper to see if you should apply for this type of mortgage.
Is a 30-Year Fixed Mortgage Right for You?
Because 30-year fixed mortgages are about stability, you should only get one of these if you plan to stay in your home for at least seven years. That is the best way to benefit from this loan. Keep in mind that your interest rates won’t go down if the market drops, just as they won’t go up if the market rises. If you stay in your home for at least seven years, the odds will be in your favor for saving money with this mortgage.
If you’re ready to buy your dream home or if you want to stay in the same place while the kids finish school, this is likely a great choice for you.
Need more convincing? Check out the additional benefits you’ll receive if you get one of these loans for your California property.