30-Year Fixed Mortgage
Enjoy lower monthly payments and a fixed interest rate when you buy or refinance.
The perfect home loan for you.
Fixed Interest Rate
Your interest rate remains fixed for the entire duration of the loan.
3% Down Payment
You can purchase a new home with a down payment as low as 3%.
Lower Monthly Payment
A longer loan term results in lower monthly payments.
No Prepayment Penalties
Looking to pay off your mortgage early? You won’t face any prepayment penalties.
3 Simple Steps to Secure Your Loan
Apply Online
Start your journey to homeownership by submitting a simple online application, providing key financial details to help us match you with the best loan options.
Chat with an Expert
Connect with one of our experienced loan experts who will guide you through the process, answer any questions, and help you find the best mortgage solution for your needs.
Close Your Loan
Once your loan is approved, we'll guide you through the final steps to close, ensuring a smooth and timely process to get you into your new home.
Frequently Asked Questions
Here are answers to common questions about this loan, gathered from people like you during our research.
This is an excellent option for a variety of homebuyers and refinancers, particularly those who:
- Plan to stay in their home long-term and prefer lower monthly payments.
- Want the flexibility to make extra payments without facing prepayment penalties.
- Seek a fixed interest rate that remains the same throughout the loan.
With a 30-year fixed-rate mortgage, if you make all your payments as scheduled, the loan will be fully paid off in 30 years.
- A fixed-rate mortgage means your interest rate remains unchanged for the entire term of the loan.
- There are several types of 30-year fixed-rate mortgages, including conventional, FHA, VA, and Jumbo loans.
- We can help you determine which option is best for your unique situation.
Pros
- Lower monthly payments, as the loan is spread over a longer period than loans with shorter terms.
- The ability to afford a more expensive home. A lower mortgage payment reduces your debt-to-income ratio, potentially qualifying you for a larger loan.
- With Rocket Mortgage®, you can make extra payments to pay off your loan sooner, without facing any penalties.
Cons
- Interest rates are generally higher because it takes lenders longer to be repaid.
- You’ll pay more in interest over the life of the loan due to the longer term.
- It takes longer to build equity, as a 30-year term means it takes more time to reduce the principal balance, slowing equity growth.
Yes, you can make a down payment larger than 3%.
Why put down more? A larger down payment will result in a lower monthly mortgage payment.
Alternatively, you may choose to make the smallest down payment and use the extra funds for closing costs.
We’re here to help you determine which option is best for your situation.
