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30 Years of Certainty? Yes, Please!

Thirty years can sound like a lifetime when you're talking about getting a 30–year fixed–rate mortgage. There are so many uncertainties in life and who knows where you'll be in 30 years.

Questions: Will you switch careers? Will you move cities? Will you have children?

Answer: It may be a long period of time with many unknowns, but a 30–year mortgage provides you with many certainties:

  • Lower monthly payments. Because your loan is stretched out over a 30–year term, you have more time to repay your loan, making your monthly payments more affordable and sustainable.

  • Inflation protection. In 30 years, virtually everything around you will cost twice as much as it does today, assuming just a 2% inflation rate. Yet, your monthly mortgage payment and interest rate (minus taxes and insurance) will remain the same as the day you locked in your loan — guaranteed. This provides your family with a level of security and predictability that's hard to find in today's world.

  • Flexibility. You can choose to pay–off your loan faster by adding to your monthly payments — without penalty in most cases.

  • Easier to Qualify. With the more affordable monthly payments that come with the longer term (30 years), you may qualify more easily than loans with smaller terms.

Your monthly mortgage payment and interest rate will remain the same as the day you locked in your loan -- guaranteed. With all the benefits that come with a 30–year fixed–rate mortgage, there are important considerations to keep in mind.

  • The bank is taking a risk by locking you in at today's rates for the next three decades.

  • You will build up equity over time even though you'll pay interest over the life of the loan.

  • Your interest rate is locked in and will remain the same for the duration of your term.

To ensure that you obtain the mortgage that's right for you, it's important that you talk with your lender.

Visit us at to learn about our first-time home buyers’ mortgage, low interest rates and down payment assistance program.

Note, information in this post was derived from Freddie Mac.

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