Why are 30 year loans the most popular?
Because the loan is repaid over a longer term, the interest rates are higher and therefore the overall payment is larger. However, lower monthly payments give buyers some flexibility in terms of monthly budgeting if they anticipate any job instability. Rates and terms typically depend on factors such as credit score, property location, down payment size, and federal loan eligibility.
Compare our most popular 30 year lenders
| Lender | Minimum Credit Score | Visit Site |
|---|---|---|
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620 | |
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620 | |
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620 |
30 year mortgages have a simple online application process
The application process might seem complicated, but most loan sites offer quotes on the spot with a simple two-step process. For the first part, you’ll be asked to enter some general information like your name, DOB, home address, email address, house location, house price, down payment, and credit score.
30 year loans require straightforward paperwork
Once you pre-qualify, the lenders will ask for a few more details including but not limited to: proof of income, proof of assets, disclosure of debts, and tax paperwork. Don’t worry, applying for a mortgage online will still give you the opportunity to speak to a loan officer.
You still have flexibility with a 30 year mortgage
You can pay your 30 year mortgage off early, and it can be a great financial decision which can save you a lot of money over time. You can do this by making more frequent payments, by paying larger amounts, or by refinancing.
Our Recommended Lenders for 30-Year Mortgages in 2022
Quicken Loans is one of the most reputable mortgage lenders. It offers a large range of mortgage options including refinance loans, FHA, USDA, VA loans, jumbo loans and more.
- Fast application process
- A bevy of educational resources
- Award winning customer service
AmeriSave Mortgage Corporation is a full-service mortgage lender operating in 49 states and DC. Established in Atlanta in 2002, it has funded 220,000+ homes for a total value of more than $55 billion. AmeriSave is known for offering streamlined online applications with the option of contacting customer support any time you need assistance.
- Apply and submit forms directly online
- No SSN needed to get pre-approved rates
- Recommended for refinancing
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New American Funding is an independent, family-owned lender. They have physical locations in 31 states, and are licensed to operate in 49 states. They offer a wide variety of loan options and cater closely to the Latino and first time home buyer communities.
- Full suite of mortgage products
- Bilingual customer support (English and Spanish)
- A+ rating from the Better Business Bureau
In summary
30 year loans cost more over time but keep your monthly payments low. Applying online is simple, and the information you need to present is straightforward. Have a dream house in mind? Compare your 30 year mortgage offers here.
