30 Year Fixed Rate - Home Buying process provided by Helene Cass and Team specializing in McDowell Mountain Ranch
RE/MAX Fine Properties
21000 N. Pima Road, Suite 100
Scottsdale, AZ 85255
(480) 563-3333
888 471 9500

Fixed-Rate 30-Year Conventional Mortgage:

A fixed rate conventional loan is made by a commercial lender for 30 years and monthly payments (excluding taxes, insurance) remain unchanged for the life of the loan. Most lenders will offer mortgages of this type with as little as 5% down. However, a down payment lower that 20% is likely to require private mortgage insurance. Credit scores of 740 or better will get the best rates. Loans of up to $417,000 in our local market are considered “conforming” to Fannie Mae guidelines and are therefore able to be resold on the secondary market. These are generally available at lower rates than those over $417,000. The latter are considered to be “Jumbo” loans and their interest rates are usually somewhat higher to offset the risk to the lender of holding it in their own portfolio.

Hypothetical Home Cost: $400,000
Down payment: $80,000
Mortgage Amount: $320,000
Term of Loan: 30 years
Interest Rate: 5.00%
Monthly Payment: $1,717.80

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