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30-Year Fixed

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30-Year Fixed

Stability and Predictable Payments Enjoy steady monthly payments for 30 years with the 30-year fixed-rate mortgage, a popular home loan option. If lower payments and a fixed interest rate align with your financial goals, consider a 30-year fixed mortgage.
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What is 30-Year Fixed mortgage?

A 30-year fixed-rate mortgage refers to a home loan that can be fully paid off over a span of 30 years, provided the borrower makes regular payments as scheduled. The defining feature of a fixed-rate mortgage is that the interest rate remains constant throughout the mortgage term, offering stability and predictability for homeowners. While conventional loans are the most common form of 30-year fixed mortgages, government-insured options such as FHA, USDA, and VA loans are also available to qualified borrowers. Understanding the Components of a 30-Year Fixed Mortgage: To comprehend the total cost of monthly payments associated with a 30-year fixed mortgage, it is essential to be familiar with its key components:

Benefits

Stable and predictable payments over 30 years
Providing peace of mind and allowing for accurate budgeting.
Lower monthly payments compared to shorter terms
Enhancing affordability and cash flow management.
Ideal for long-term homeownership
Catering to those planning to stay in their homes for an extended period.
Protection against future interest rate increases
Safeguarding borrowers from potential rate hikes and ensuring stability.

Requirements

Minimum 620 Credit Score
Pacificwide Mortgage requires a minimum credit score of 620 for 30-year fixed loans.
3% Down Payment
A 30-year fixed mortgage requires a down payment of at least 3%.
2% – 6% In Closing Costs
You’ll need 2% – 6% of the total purchase price to cover closing costs.
Debt-To-Income Ratio ≤ 50%
You’ll need a debt-to-income ratio (DTI) of no more than 50%.

30-Year Fixed Loan Options

Conventional 30-Year Fixed
The conventional 30-year fixed mortgage provides the reassurance of a stable, reduced monthly mortgage payment.
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FHA 30-Year Fixed
The FHA 30-year fixed mortgage presents the relief of a locked-in, lower monthly mortgage payment, ideal for first-time homeowners.
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VA 30-Year Fixed
The VA 30-year fixed mortgage offers the tranquility that comes with a secured, lower monthly mortgage payment, beneficial for our veterans and service members.
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LOAN OPTIONS

30-Year Fixed

25-Year-Fixed

15-Year-Fixed

Adjustable Rate Mortgage

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3005 Silver Creek Rd STE 210-214, San Jose, CA 95121

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