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30-Year Fixed Mortgage: Requirements And Eligibility For 2022

30-year fixed mortgages offer a fixed interest rate and lower payments spread over 30 years.

General 30-YEAR Overview

Who Are 30-Year Fixed Loans Best For?

30-year fixed mortgages are best for people who want lower monthly payments and an interest rate that never changes over the entire life of the loan. Read more about other benefits below.

How Do 30-Year Fixed Loans Work?

With a 30-year fixed rate loan, you’ll pay off your mortgage in 30 years. Although you’ll pay more interest over the life of the loan compared to a 15-year fixed loan, your monthly payments will be lower.

Because your interest rate is locked for the life of your loan, your principal and interest payments won’t change over the life of your loan. The amount for your taxes and insurance can go up and down.

You may have to pay for mortgage insurance, depending on your down payment amount if you’re buying a home, or how much equity you have if you’re refinancing.

How Do I Qualify For A 30-Year Fixed Rate Mortgage?

To qualify for a 30-year fixed rate loan, you’ll need:

  • A minimum 3% down payment.
  • A minimum FICO® Score of 620.
  • A debt-to-income ratio (DTI) of no more than 50%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
  • Money to cover closing costs, which are about 2 – 6% of the purchase price.

Mortgage Insurance Requirements

  • ou’ll have to pay primary mortgage insurance (PMI) with your 30-year fixed rate loan if your down payment is less than 20%.

    • This typically costs between 0.5% and 1% of your loan amount per year, spread over 12 payments.
    • Once you reach 20% equity in your home, you may be able to request to cancel PMI.
    • PMI is often canceled automatically once you reach 22% equity.

Take the first step toward the right Downtone Loans

30 Year Fixed Mortgage Rates

Conforming 30 Year Fixed 3.875% 4.124%


Your monthly payments will be less for a 3–year fixed loan than a 15-year fixed loan, even though interest rates for a 15-year fixed loan are generally a little lower. That’s because your payments will be spread out over a longer period.

You can pay off your mortgage at any time without prepayment penalties.

You may be able to avoid mortgage insurance with a down payment of 20% or higher.

Your interest rate is fixed for the life of the loan, so you don’t have to worry about rates rising.

You can buy your primary home with as little as 3% down.

You can refinance your primary home for up to 97% of its value.


Apply online and work at whatever pace is convenient for you.

Home Loan Experts are available via chat, email and phone to help you understand whether an ARM is right for you.

We service 99% of our mortgages, so our great customer service continues after you close.

After you close your loan, you can manage your mortgage online without any hidden fees.

No prepayment penalties if you pay off your loan early.


Downtone Loans has been providing our clients with award-winning service for over 60+ Years. We service 99% of our loans, which means you’ll get the same care and attention throughout the entire life of your loan.