A 30 year fixed mortgage in Jacksonville Beach has many perks. Here are the top reasons to investigate this type of home loan and some qualifying factors.
Predetermined Payments
If you want to know what your monthly mortgage payment will be, a 30 year fixed mortgage in Jacksonville Beach may be the best loan product for you. It has a fixed rate, which means the lender has locked in your interest rate for the life of the loan. If you opted for a variable-rate loan, the interest would fluctuate, and so would your payments.
Home
Because of the length of this loan, you might be able to qualify for more money and get a nicer home. You will be spreading the payments out over several decades, so you have plenty of time to repay the lender. On the other hand, if you got a 15-year loan you would have a significantly larger monthly payment for the same home.
Qualifying
A loan officer will need to check your credit, but if your score is not very high, you may qualify for an FHA-backed product. Veterans can apply for 30 year VA loans, and the buyer does not need to bring in any down payment. A conventional mortgage might be your best choice if you have some down payment, good credit, little debt, and a steady income. There are many options available to fit several financial situations. For more information on a 30 year fixed mortgage in Jacksonville Beach, contact The Mortgage Lady Team-Fairway Independent Mortgage Corporation.
