As a home buyer wanting to get the best deal on a mortgage, you must do enough research about the options available before accepting any offer. This can help increase your chances of realizing your mortgage goal.
One of the options you might be interested in is a 30-year fixed mortgage, Orange County, CA. But the question is, is it the right product for you? To help you make an informed decision, let’s take a look at some of its advantages.
Payment stability – The interest rate is one of the key components of a monthly mortgage payment. Having a fixed mortgage rate means that your monthly payment should remain as it is – that despite the volatility of the interest rates in the market. This is a key advantage most especially if you get a great deal on interest rates for a 30-year fixed mortgage.
No surprises. Unlike an adjustable-rate mortgage wherein the interest could change (and changes could be drastic) over time, a 30-year fixed mortgage, Orange County, CA, allows you to pay for the same interest as long as you keep the loan. In other words, the rate you receive upfront is what you will keep throughout the 30-year term.
Lower monthly payment – This is another key benefit of a 30-year fixed mortgage. When you choose this option, you could be paying way lower monthly payments than other loan types. This can be explained with simple math. That means, spreading payments out in a longer period can reduce the size of a monthly payment.
Are you interested in a 30-year fixed mortgage, Orange County, CA? Contact us at (619) 325-8282 for more inquiries.