Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

What are 30-Year Mortgage Rates?

Homebuying 3 min read

Ready to talk to an expert?

If you are thinking about buying a home, you may be asking the question, “What are 30-year mortgage rates?”

There are many ways to figure out the current average 30-year mortgage rates, but the best way to find out about rates near you is to ask a local mortgage lender, like First Bank.

Get Competitive 30-Year Mortgage Rates at First Bank

First Bank offers a variety of home loans with competitive mortgage rates, including a 30-year, fixed-rate conventional loan. 30-year fixed-rate mortgages are some of the most popular mortgages, as they provide homeowners with a fixed interest rate and lower monthly payments.

Benefits and features of First Bank’s 30-Year Mortgage include:

  • Your interest rate and monthly principal and interest (P&I) payments remain the same for the life of your loan
  • Predictable monthly P&I payments allow you to budget more easily
  • Protection from rising interest rates for the life of the loan
  • May be a good choice if you plan to stay in your home for a long time

Tips for Paying Off Your 30-Year Mortgage

A 30-year mortgage does not have to be a 30-year commitment. Plenty of people pay off their mortgages early and you can too. Money Smart Guides provides some great tips for how to do it.

  • Use tax refunds. If you get a sizable tax refund each spring, put it toward your mortgage. This could be the equivalent of making six months worth of mortgage payments at once.
  • Pay extra early. The early payments of a mortgage go mostly to interest while the later stages involve more principal. Paying hundreds extra now can save you thousands later.
  • Pretend to refinance. In other words, calculate how much it would require you to pay each month to pay off your 30-year mortgage in 15 years or 20 years and commit to it.
  • Round up payments. Bump up your monthly payments to the nearest round number. You won’t notice the missing money now but you will when it shaves years off your mortgage.

Note: some lenders penalize homeowners for prepaying their loan. Before you prepay your loan, it is best to research prepayment penalties in your state.

Find a Good Place to Start

What good are 30-year mortgage rates if you don’t find a good lender? A bank such as First Bank can provide the foundation for expediting the process of paying off a 30-year mortgage. With a number of different mortgage loan options to choose from as well as helpful resources for first-time and experienced home buyers, First Bank can help you reach your goal.*


*Loans subject to credit approval.

———-

Sources:

Money Smart Guides: http://www.moneysmartguides.com/little-known-ways-to-pay-off-your-mortgage-fast

Bank Rate: http://www.bankrate.com/finance/mortgages/current-interest-rates.aspx

 

Ready to talk to an expert?

Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Home Mortgage Calculator from First Bank A home mortgage calculator can help you determine your monthly mortgage payments. This will help you financially prepare for that future purchase, whether you are a first-time homebuyer or seeking a vacation home. You can even discover how much money you might save by increasing your mortgage payment with a calculator. Home Mortgage Calculators from First Bank Whether you simply want to know how much of a house payment you can afford or you are trying to determine if you should rent a home or buy one, First Bank has a home mortgage calculator that can help. With our home mortgage calculators you can: Determine How Much House You Can Afford – Home Mortgage Calculator What you’ll need to know: Term in years Purchase price Percentage down Interest rate Annual tax Annual insurance Decide Between Refinancing or Keeping Your Current Loan – Home Mortgage Calculator  What you’ll need to know: Loan amount Annual property taxes and insurance Term in years Interest rate Determine Whether You Should Rent or Buy – Home Mortgage Calculator What you’ll need to know: Monthly rent Yearly rent increase Home purchase price Loan amount Term Find Out How Much Money You Can Save by Increasing Your Mortgage Payment – Home Mortgage Calculator What you’ll need to know: Principal balance Interest rate Monthly payment Additional monthly payment Mortgages from First Bank First Bank offers a variety of home mortgage options,** including: Conventional loans—Fixed or adjustable rates. Jumbo loans—For higher property values. Government loans—Lower rates and closing costs. Professional loans—For physicians, CPAs, dentists, and attorneys. Construction loans—For land, construction, and home mortgage. To learn more about our home loan options or how one of our home mortgage calculators can help you prepare for the future, contact or visit your local First Bank branch. *Member FDIC. Equal Housing Lender. NMLS #474504. **Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read
10-Step Program for First-Time Homebuyers If you’re searching for a first-time homebuyer program, it’s important to find a process that is simple and clear. Purchasing a home for the first time is a significant event, so it’s also a process that requires you to be well-informed and careful. In an article by award-winning writer Gina Roberts-Grey, she outlined the top 10 steps all first-time home buyers must consider before taking the plunge: “Review your financial health”—Before you dive into listings and open houses, it’s vital that you evaluate your financial situation. This ranges from your savings to your bills to your 401k; you need to be sure you can afford the expense. “Check into benefits for first-time home buyers”—You can discover options, including tax benefits, that can make the property more affordable. Look into what deals you can find as a first-time homebuyer. “Meet with lenders”—Meet with lenders and present your financial and benefit findings. A lender will assess your credit score and the amount you can qualify for on a loan and will discuss your assets (savings, 401(k), etc.) and debt, as well as any local programs that might be available for down payment assistance. “Shop around for a mortgage”—As you’re searching for pre-approval, don’t take the first offer. Spend time looking at what different lenders can offer. And keep in mind that “pre-approved” and “pre-qualified” are two different things. “Have a backup lender”—Many factors can affect whether or not your mortgage application is approved, including market changes and shifting guidelines. A backup lender that qualified you for a mortgage loan can give you an alternate way to keep the process on, or close to, schedule. Find a realtor—If you’ve reached this step, congratulations. This means you’re ready to find a real estate agent. When you’re looking for a realtor, it’s best to look for one who works with a team of people who can offer suggestions about home inspectors, insurance agents, etc. Decide on a neighborhood—Narrow your search area to help give you a better idea of what you want and can afford. Two primary factors to consider are neighborhood taxes and length of commute to work. When you find a property, crunch your numbers again—At this step, you’ve found your dream home 4 min read
FHA Loans 101: 3 Major Requirements If you have a strong understanding of the FHA loan requirements, you’ll experience a quicker and smoother loan application process. FHA loans provide homebuyers of all income levels the opportunity to purchase a home with lenient qualifying terms and lower down payment requirements. There are, however, three major requirements that prevents people from purchasing an unaffordable home. Three Major Requirements Debt-to-Income Ratio:There are two debt-to-income ratio requirements that FHA lenders will look at in order to determine if a buyer can afford a home: Mortgage payment expense to effective income: Add your total mortgage payment and divide it by your gross monthly income. The maximum ratio to qualify is 31%. Total fixed payment to effective income: Add your total mortgage payment and all recurring monthly debt and divide it by your gross monthly income. The maximum ratio to qualify is 43%. FHA Credit: FHA loans are more lenient when it comes to qualifying terms, but there are still certain credit requirements applicants must meet. If you have no credit history, filed for bankruptcy, have a history of late payments, been foreclosed on, or sent to debt collections, it will be harder to get approved for a loan. Application: Aside from financial requirements, there are a few FHA loan application requirements buyers must meet and present to their loan officer: Address (past two years) Social Security number Names and location of your employers (past two years) Gross monthly salary at your current job(s) Information for all checking and savings accounts Information for all open loans Complete information for other real estate you own Approximate value of all personal property Certificate of Eligibility and DD-214 (for veterans only) Current check stubs and your W-2 forms (past two years) Personal tax returns (past two years), current income statement, and business balance sheet for self-employed individuals If you understand the FHA loan requirements and are ready to apply for a loan, you can apply online with First Bank.* Have more questions about FHA loans? Visit the FHA’s website, or contact your local First Bank branch to learn more. *Equal Housing Lender. NMLS #474504. Loans subject to credit approval. ——— Sources: http://www.fha.com/fha_requirements_debt http://www.fha.com/fha_requirements_checklist http://www.fha.com/ 2 min read