Here’s how our home loan process works:
30 Year Fixed Rate Mortgages in Fort Myers, Sarasota & Tampa
Do I Qualify? As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
Our 30-Year Fixed Rates Are Low & Our Process is Quick & Painless
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then stable-rate loans are usually cheaper.
We’re here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE 30-Year Fixed Rate Mortgage Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you – whether you’re a first-time home buyer or a seasoned investor.
The 30-Year Fixed Rate Mortgage Loan Process
- Complete our simple 30-Year Fixed Rate Mortgage Qualifier
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
When embarking on the home buying journey, you are probably thinking about getting a 30-yr fixed-rate mortgage. That’s no surprise because about 90% of home buyers choose this traditional conventional mortgage.
30-year mortgage rates that are fixed help you maintain a regular monthly housing budget. With lower monthly payments, as opposed to a 15- or 20-year term, you get some financial breathing room, freeing up cash for other priorities in your life. At Fort Myers Mortgage Experts, our team will help you determine if a 30-yr fixed-rate mortgage is right for you.
What Is a 30-Year Fixed-Rate Mortgage?
A 30-year fixed-rate mortgage has an interest rate established at the time of your loan application and review, and that rate will not change. Your term, or length of time you have to pay the loan in full, is spread over 30 years.
Benefits of a Fixed-Rate Mortgage
There are products in the lending industry known as ARMs — Adjustable Rate Mortgages. While ARMs will often have a lower interest rate than a 30-yr fixed-rate mortgage at the time of closing, this type of product can fluctuate up to approximately 5% more than your original interest rate.
Stability is one of the greatest benefits of a fixed-rate mortgage. There are no potentially debilitating or ruinous changes in your monthly mortgage payment with a fixed rate. 30-year mortgage rates are usually a good option for first time home buyers, keeping their monthly house payment lower so they have the cash to buy other things needed for homeownership.
How to Qualify for a Mortgage Loan
You should be able to qualify for a mortgage loan with a credit score of 620. But don’t stop there just because you can. The better your score, the more options available, and the better interest rate you can receive.
Is a 30-Year Fixed-Rate Mortgage Right for You?
At Fort Myers Mortgage Experts, we know the questions you need to ask, not just about loan product options but also about other factors in life that you need to consider when choosing a product and a lender.
- Do you want to travel?
- Are children in your near future?
- Is this a starter home, and do you want to move on to something bigger and better sooner rather than later?
- Do you have what you need to maintain a home: lawnmower, snowblower, cleaning equipment, tools, etc.?
Contact our mortgage team today, and we will answer your questions and help guide you on the path to homeownership as we have with so many other happy clients.