A 30-year fixed-rate mortgage offers you a set rate and payments that do not change throughout the life, or term, of the loan. This loan is fully paid off over 30 years. A portion of each monthly payment goes towards paying back the money you borrowed, the "principal", and the rest is "interest". Any money paid into the value of the house, including your down payment, is known as "equity" in the home. The 30-year fixed-rate mortgage typically features lower payments than other mortgages, with the trade-off of more interest paid over time.
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Disclaimer
Fixed Rate Mortgage/Adjustable Rate Mortgage Conforming
APR's are based on a $200,000 loan for a purchase transaction
of an owner occupied, single-family residence with an 80% loan-to-value ratio (97% LTV for FHA’s).
Rates must be valid for an applicant with a 740 FICO score. Rates are subject to change without notice.
Quotes are for "no cash-out" loans. All quotes are for conforming products or loans that can be sold on the secondary market with no prepayment penalties nor negative amortization.
Fixed Rate Mortgage/Adjustable Rate Mortgage Jumbo
Rates and fees are based on a $450,000 loan for a purchase transaction
of an owner occupied, single-family residence with an 70% loan-to-value ratio.
Rates must be valid for an applicant with a 740 FICO score. Rates are subject to change without notice.
Quotes are for "no cash-out" loans. All quotes are for conforming products or loans that can be sold on the secondary market with no prepayment penalties nor negative amortization.