You should never curtail your dream of buying a home in San Antonio due to lack of funds, as there are very many mortgage loans that you could apply for. One of the most popular mortgages that homebuyers apply for is the 30-year fixed rate mortgage. This is a mortgage that gives you a span of 30 years to fully service the loan. In addition, during the 30 years that you are supposed to have serviced the mortgage, you are required to pay a fixed interest rate to your lender. The amount of interest rate that you pay for the 30-year fixed rate mortgage does not change even with market changes. Below are some of the best suited people that are supposed to apply for the mortgage loan.
Those who prefer low monthly installments
As stated earlier, the 30-year fixed rate mortgage gives you a time frame of thirty years to service your mortgage loan. This therefore means that the amount of money that your lender offers you as a mortgage is divided within the 360 months that you are required to pay installments. The thirty years timeframe is a long time to pay for a mortgage loan and therefore, the monthly installments that you are required to pay are very low. Therefore, in case you do not want to commit your resources in paying huge amount of monthly installments, then the 30-year fixed rate mortgage is your ideal loan.
Those whose income is not static
It is worth noting that there are some works that do not provide a static monthly income. This therefore means that you cannot know in surety the amount of money that you will earn next month like freelancing and contractual jobs. This therefore poses a problem as you can never commit yourself in paying huge amounts of monthly installments. This being the case therefore, the best mortgage loan option that you could choose in case you fall in this category is the 30-year fixed rate mortgage. This is because the mortgage allows you to pay low amount of monthly installment.
Those who need to save
Saving is not a mean task to do, as it requires you to have a great financial discipline as well as make sacrifices. That is the reason why whenever you are saving; you need to look for ways in which you can cut your monthly spending. The good thing with the 30-year fixed rate mortgage is that it gives you a long time to service your loan. This in turn lowers the amount of monthly installments that you are required to pay monthly, which gives you an ample space to save.
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