Having a consistent mortgage payment gives you the ability to budget without worrying about whether you will have the income to meet your monthly payments.
How a 30-Year Fixed Rate Mortgage Works
As with most mortgages, monthly payments are based on interest rate, principal loan amount, and amortized interest over 30 years. This means your payment will not change – you will pay the same amount for month one as you will in 10 years’ time.
Of course, your actual payment will vary based on your situation and the current interest rate at the time of application.
Another benefit of a 30-year fixed rate mortgage is that you will have the ability to pay your mortgage off at any time without facing prepayment penalties.
How To Qualify for a 30-Year Fixed Rate Mortgage
Qualification requirements for this kind of mortgage are as follows:
- Refinance up to 95% of your primary home’s value
- A minimum 3% down payment
- Your loan amount must be anywhere from $25,000 to $2,000,000
- Your gross monthly income will be taken into account during the qualifying period, as well as monthly debt obligations.
Often, those who are searching for a long-term home can find the loan process daunting – but Austin Capital Mortgage is here to help! If you have any questions, or need help finding a loan that is perfect for you, give us a call today! We’d be happy to assist you.
Why Choose Austin Capital Mortgage?
For 20 years running, Austin Capital Mortgage has been consistently ranked in the top 25 lenders in Central Texas. In addition to this strong legacy of great service in our industry, we are continually trusted by realtors, CPAs, and builders. These professionals often bring us more intricate or complex deals, and we handle them with confidence and excellence. We promise to always:
- Put you, your needs, and your unique situation first.
- Offer some of the most competitive rates in the industry.
- Close fast – in fact, most of our loans close in 30 days or less!
- Offer our valued clients numerous types of loans, making it certain that we will find the ideal loan for you.