To qualify for a 30-Year Mortgage, you’ll need to make a down payment of at least five percent of the total loan amount (three percent for first-time buyers). A down payment of 20 percent will result in no Private Mortgage Insurance (PMI), which can be favorable for some homebuyers.
Additionally, you’ll need a credit score of at least 620 to qualify for a 30-Year Mortgage. A debt-to-income (DTI) ratio below 45 percent (or 50 percent, for select borrowers**) is also required.
These requirements are subject to change depending on the property type, loan purpose, and more. Work with a dedicated loan expert to learn more.
30-Year Fixed-Rate
Mortgage Loan
low monthly payments that will never increase
A 30-Year Fixed-Rate Mortgage Loan is a great option for first-time buyers with long-term goals. With a fixed interest rate and affordable monthly payments, it’s a popular choice that makes homeownership possible for buyers everywhere.
The Benefits
A steady rate
Because of its fixed rate, a 30-Year Mortgage won’t be affected by economic changes.
Consistent payments
Your mortgage payments will never change or increase during the life of the loan.
Flexible repayment
Your mortgage payments will be more affordable, allowing you to pay off the loan faster.
Greater borrowing power
With a longer, more affordable loan term, you can borrow more and have more flexibility during your home search.
Close on your 30-Year Mortgage in 21 days or less*
*Terms and conditions apply. View full details here.
mortgage FAQs
Everything you need to know about 30-Year Mortgage Loans
What are the requirements of a 30-Year Mortgage?
What's the difference between a 15-Year Mortgage and a 30-Year Mortgage?
The short answer? Loan terms and costs. A 15-Year Mortgage lasts for 15 years, and a 30-Year Mortgage lasts for 30 years. However, the length of these loans also affects their monthly payments, interest costs, and more. Let's break it down:
- A 15-Year Mortgage has a shorter loan term. Because of this, it will have a lower interest rate but higher monthly payments. The borrower will pay off their loan faster and spend less on interest accrued by the loan.
- A 30-Year Mortgage has a longer loan term. It will have a higher interest rate but lower monthly payments. The borrower will pay off their loan slower (an extra 15 years) and spend more on interest accrued by the loan.
Learn more about the differences between 15- and 30-Year Mortgages with our online Purchase Calculator.
Is a 30-Year Mortgage right for me?
If you’re looking for an affordable loan and a long-term residence, a 30-Year Mortgage could be a great option for you. Your loan term may be longer, but your monthly payments will be cheaper. You’ll also have more borrowing power, which means you can get a bigger loan and have more options during your home search. Check your loan eligibility for free today.
How can I prepare for a 30-Year Mortgage?
The best way to prepare for a 30-Year Mortgage is to get your finances in check, gather the necessary documents, and set expectations. Even with cheaper monthly payments, it’s always a good rule to have a decent amount in savings before starting the loan process. A healthy credit score is also required to get a 30-Year Mortgage, so make sure yours is in good shape.
Find a loan expert near you for a personalized mortgage experience.
What's the difference between a fixed rate and an adjustable rate?
A fixed-rate mortgage has the same interest rate during the entire loan term and is unaffected by economic changes. An adjustable-rate mortgage, on the other hand, has an interest rate that can change over time. This can be a good or bad thing for homeowners who have this type of mortgage.
Wondering which option is better for you? Try our Mortgage Builder to find your perfect match.
Secure your future with a 30-Year Fixed-Rate Mortgage Loan.
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