A home loan you can count on
Fixed interest rate
Your interest rate stays the same for the life of the loan.
3% down payment
You can get into a new home with a down payment as low as 3%.
Lower monthly payments
A longer loan period means you pay less each month.
No prepayment penalties
Want to pay off your mortgage early? You won’t get hit with prepayment penalties.
Guidelines for this loan
The home
You can buy a home or refinance an existing mortgage.
Credit profile
You'll typically need a credit profile above 620.
Debt-to-income
Your debt-to-income ratio (DTI) should be less than 50%.
Closing costs
In addition to your down payment, you’ll need enough funds to cover closing costs.
Estimate and explore
Calculators are a great way to learn and see what’s possible.
Mortgage calculator
Thinking of buying a house? Estimate your monthly loan payment including taxes and insurance.
Refinance calculator
Thinking of refinancing your current mortgage? See how much you could save.
Get more in-depth details
Articles that give you more information about 30-year fixed loans and how they work.
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Frequently asked questions
Answers to questions about this loan we heard from people like you during research.
They're a great option for a range of home buyers and refinancers, especially those who:
- Plan to stay in their home for awhile and want to make lower monthly payments.
- Want flexibility to make extra payments without prepayment penalties.
- Want a fixed interest rate that doesn’t change.
If you get a 30-year fixed-rate mortgage and make all your payments as scheduled, the mortgage will be paid off completely in 30 years.
With a fixed-rate loan, your interest rate stays the same for the entire length of the mortgage.
There are a few different types of 30-year fixed-rate mortgages, including conventional, FHA, VA, and Jumbo.
We can help you know what’s best for your situation.
Pros
- Lower monthly payments because they’re spread out over a longer period than loans with shorter terms.
- Ability to afford a more expensive home. A lower mortgage payment lowers your debt-to-income ratio, so you could get prequalified to spend more.
- With Rocket Mortgage®, you can make extra payments to pay your loan off sooner without penalty.
- Interest rates are typically higher because it takes longer for lenders to be reimbursed for the loan.
- You’ll pay more in interest because of the longer term.
- It takes longer to build equity. Equity is the difference between what you owe on your home and its value. A 30-year term takes longer to reduce what you owe, so you won’t build equity as fast.
Yes! You can make a down payment bigger than 3%.
Why put down more? The more you put down, the lower your monthly mortgage payment will be.
Or you could decide to go with the lowest down payment and use the funds for closing costs.
We’ll help you know which strategy is best for you.
Don't wonder what's best. Ask us!
We've been helping clients find their perfect home loan for almost 40 years.