30 Year Loan
30 Year Loan
Home Lending Pros is your trusted and licensed mortgage lender in North Carolina. We specialize in providing flexible and affordable 30-year loan solutions to help you achieve your dreams of homeownership. With out expertise and commitment to exceptional customer service, we strive to make the lending process smooth and hassle-free for our valued clients.
What Is a 30 Year Fixed Rate Mortgage
A 30 year fixed rate loan is exactly what it sounds like. The length of the loan is thirty years and the interest rate doesn’t change during the life of that loan 1(30 years). These loans are very popular, especially for those looking to purchase their forever home as the life of the loan is so long.
Refinancing vs Recasting
Refinancing is the process of changing the interest rate and terms of your current mortgage. If you are making a principal-only payment, you can eliminate years of payment by making an extra principal amount. For homeowners who want to accomplish a 15-year payoff, the way to do it is by prepaying for a 30-year loan.
Recasting, on the other hand, is making a bulk payment toward the balance of your loan. This will have the payment recast the payment and can help borrowers take a lower payment without refinancing. The interest rate and terms remain the same but the payments are lower because the principal went down.
When Should I Consider Refinancing?
Refinancing your mortgage can be a smart financial decision under certain circumstances. Here are a few situations when you should consider refinancing your 30-year mortgage rate:
- Interest Rates Have Dropped
- Improved Credit Score
- Change Your Loan Terms
When Should I Consider Recasting?
For homeowners wanting to modify their loan terms without going through the process of refinancing, here are a couple of situations when recasting would be beneficial:
- You have the means to make a lump sum payment toward your principal balance
- Need to lower monthly mortgage payments but you don’t want to change the interest rate of terms.
Opportunity for Long-Term Stability
By opting for a 30-year fixed mortgage rate, you provide yourself with long-term stability and predictability. A fixed monthly payment for the entire loan term will help you plan your budget confidently and enjoy consistent payments that remain the same.
If you plan to move, it may be time to consider scheduling a consultation with one of our experts to determine if 15 years vs 30-year mortgage is right for you!
Advice From Our Experts
One issue that arises is qualifying for said loans as they’re not under any sort of program. The fixed part of the loan is also hard to swallow sometimes when interest rates are high. However, the stability the loan offers often outweighs the minimal cons!
Because the interest rate for this loan is fixed for three decades, it’s important for buyers to do what they can to lower their interest rates as much as possible. The two factors buyers have control over are their down payment and their credit score. So, when buyers are looking to purchase a home and utilize this common loan type, it’s best to put down as large of a down payment as one can afford and work on keeping their credit score as high as possible.
That being said, take time to get prepared and ready to make the best purchase possible and settle into your home and mortgage for the next several years!
Why Choose Us
20 years of Experience
Licensed Home Mortgage Lenders
Dedication to Finding You The Right Solution
Areas We Serve
- Outer Banks
- York County
At Home Lending Pros, we are committed to helping you achieve your homeownership goals with our 30-year mortgage rates and loan services. Contact us today to speak to one of our friendly home mortgage lenders and explore the options available to you. Let us be your trusted partner on your journey to owning your dream home in North Carolina.