Security and steadiness are the hallmarks of the 30-year fixed-rate mortgage. The interest rate remains the same from day one, meaning borrowers never have to worry about the interest rate increasing payments, and can depend on the same bill amount from month to month and year to year. As years go by borrowers are paying down the principal on the mortgage, increasing equity in the home. A 30-year fixed-rate mortgage does have the drawback of paying more interest over the length of the loan, compared with shorter-term loans.
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