30 Year Fixed Conventional

The most common conventional loan term is the 30-year mortgage. Spreading payments out over a 30-year term makes a home affordable to many people, while still allowing them to have money for the rest of their life’s expenses.

A 30-year fixed rate loan is a mortgage that, as the name would indicate, features a rate that remains the same for the life of the loan. A fixed rate offers the stability of knowing the payment will remain the same. 

No matter which mortgage option you choose, there are two things you can do to ensure you get the best possible terms. Take time to get pre-approved early; even if you think you are a year away from purchasing. This allows you to review your situation with a mortgage professional and get tips and advice on how to increase your credit score most efficiently, as well as, learn how putting down more or less money affects your loan terms and payments so you can determine your goals and set a plan.