30 Year Fixed Loan

30 Year Fixed Loan

The 30 year conventional is the most popular type of loan in the nation. People prefer a lower payment as it frees up money for other needs. It eliminates interest rate volatility and gives the security of having an agreed amount of interest charged each month. A 30 year term lets borrowers extend payments over a longer period of time making the monthly payment more manageable and the borrower more competitive as the loan amount can be higher. Because of the longer loan term you pay more interest over the life of the loan. The 30 year fixed loan financing is recommended for borrowers who intend to stay in their house for a long period of time. It is indeed the most common and easiest fixed rate loan to qualify for.


  • Monthly payments are lower.
  • Interest rate is fixed for 30 years, despite interest rate fluctuations.
  • Qualifies you for a higher loan amount.
  • Makes you more competitive against other buyers.
  • Gives you a higher & longer term tax deduction over the life of the loan.


  • Higher interest rate because the lender takes on more risk.
  • Takes longer to pay off the loan.
  • Total cumulative interest paid is higher.
  • Mortgage payments do not reduce if interest rates go down.