When it comes to buying a home you have several loan options to choose from. One of the most popular ones is the 30-year fixed mortgage in Jacksonville Beach.
With a 30 year loan you will have 30 years to pay back the loan in full. Once the loan terms are set you will get an amortization schedule that breaks down exactly how much of your monthly payment will go towards the principal and interest.
There are two big benefits to going with a 30-year fixed mortgage in Jacksonville Beach. The first benefit is the fact its a fixed rate. With a fixed rate mortgage you never have to worry about the interest rising unexpectedly. The rate will remain the same for the life of the loan.
This also means your monthly payments will remain the same for the life of the loan. The only reason it would change is if you refinance the loan, or if taxes and insurance go up.
The second big benefit is affordable payments. Because of the term of the loan, the monthly payments are very affordable. With the right interest rate you can get a $200,000 loan with a monthly payment of less than $1000 a month.
As with all things, there is a downside to 30-year mortgages. The biggest downside is you will pay far more interest over the term of the loan.
To find out what type of mortgage would be best for you, contact The Mortgage Lady Team at https://themortgageladyteamfairway.com