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?

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

 

Trending Topics

Best Savings Account for Kids – Asheville, NC

If you have kids, one of the most valuable lessons you could teach them is the value of a dollar. But just like anything else, you don’t want to settle for just any old savings account. You want the best savings...

Best Savings Account For Kids

Finding the best savings account for kids doesn’t have to be complicated. Savings accounts can foster good saving and spending habits, and your child will probably enjoy watching their savings grow. First Bank offers...

Mobile Banking – Jacksonville NC

If you’re looking for more flexibility in managing your accounts, First Bank provides mobile banking in Jacksonville, NC. Access your accounts from the comfort of your own home, our free Mobile Banking service brings...

College Savings Account – Florence SC

If you are a future college student, or the parent of a child headed to college, you’ve probably thought a lot about paying for the cost of tuition. Read more to learn about First Bank’s different college...

Rental Property Mortgage Rates – Florence, SC

Owning a rental property is a popular way to build some equity, qualify for tax benefits and earn some easy cash.* In Florence, SC, competitive rental property mortgage rates can be found at our First Bank locations on...

How Much Should a 40-Year-Old Have Saved for Retirement?

Are you 40 years old and concerned about your savings? Just how much should you have saved for your retirement by now? There’s no precise answer to give you, but there are some savings recommendations based on...

Save Money with This Refinance Calculator for Home Mortgages

When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant savings. Curious to...

Get a Convenient Student Checking Account Today

Wondering where to get a student checking account? At First Bank, we know that the last thing students need to worry about as they continue their education is managing their money alone. With our Campus Checking...

Personal Finance Tips for Beginners

Reading personal finance tips is a great way to start thinking about your budget and saving for the future. If you’re just beginning to think about your financial future and retirement, there are a number of things...

Small Business Loan Requirements – High Point, NC

If you are planning to start a business in High Point, NC, there are a few small business loan requirements that must be met. What are Small Business Loan Requirements? The U.S Small Business Administration suggests...