One of the simplest and most popular mortgages, the 30-year fixed-rate mortgage has borrowers pay down the principal, or actual amount of money borrowed, over a thirty-year period. Interest is also paid over the length of the loan at an unchanging rate. This means payments stay the same month to month and year to year. As borrowers pay more principal over time, equity (or ownership) increases in the home. With a 30-year fixed-rate mortgage, borrowers obtain the security of a stable monthly payment throughout the life of the mortgage, and a lower monthly payment than many other mortgage options.
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Hilton Head Island
North Myrtle Beach