How We Get Paid

We want this to be a “win-win” situation. So we only want to get paid if we bring you value in the form of finding a personal finance option that works for you. Not by selling your data. We are a wholesale broker, meaning we have access to rates our mortgage lenders offer solely to brokers they work with. Generally, our lenders pay us and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. This is common practice in mortgage transactions where you choose for the lender to pay your broker’s fee upfront. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate, or pay our broker compensation yourself. Please talk to one of our licensed loan officers to explore your options.

30 year fixed mortgage rates

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  1. Get pre-approved:

    With Credible, it only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter and personalized rates, without affecting your credit score.

  2. Compare lenders and choose rate:

    Homebuyers can compare current mortgage rates and loan features from multiple lenders to choose your home loan. Our team of licensed mortgage loan officers is available to answer any questions.

  3. Submit your documents:

    Credible's automated document collection process takes the stress out of applying for a mortgage. You’ll find it’s easy to track your loan all the way through closing.

  4. Finish your loan with us:

    With Credible, you can complete the whole mortgage process online. We have a team of dedicated mortgage experts ready to help you if you need it.


What is a 30-year fixed-rate mortgage?

A 30-year fixed-rate mortgage has the same interest rate for the duration of the loan. Your  mortgage interest rate and monthly payment won’t be impacted even if the market changes. As long as you make on-time payments in full, you’ll make the same payment and pay the same interest rate until the loan is paid off.


Advantages of a 30-year fixed mortgage

There are three key benefits to 30-year fixed mortgages:

  1. Lower monthly payments:

    With 30 years to repay your loan, your monthly payments will be more affordable than they would be with a shorter loan term. The longer loan term can make the cost of homeownership more manageable.

  2. Predictable monthly payments:

    Because the mortgage interest rate never changes, your payments never change, either. For the entire 30-year loan term, you’ll know exactly how much you’ll have to pay each month, making it easier to plan and budget. That can be a big relief when compared to adjustable-rate mortgages (ARMs), which can fluctuate a great deal.

  3. Able to get a more expensive house:

    A lower payment with a 30-year mortgage could allow you to afford a more expensive home. Just make sure not to borrow more than you can truly afford.

Find Out: 

What Is a Mortgage Rate and How Do They Work?


Disadvantages of a 30-year fixed mortgage

While a 30-year fixed mortgage is popular, there are some drawbacks to keep in mind:

  1. Higher interest rate:

    By giving you 30 years to repay your home loan, lenders are taking a larger risk. To offset that risk, lenders usually charge you a higher interest rate on 30-year fixed mortgages compared to loans with shorter terms.

  2. More total paid interest:

    Having a 30-year mortgage makes your monthly payments more affordable. However, the longer loan term means more interest will accrue on your loan, causing you to repay far more than you originally borrowed.

  3. More time to build equity:

    Because of the lower monthly payment and long loan term, much of your payment will go toward the interest that accrues each month on your mortgage rather than the principal. With a 30-year mortgage, it will take you longer to build equity in your home.


How to shop for a 30-year fixed-rate mortgage

Many banks and online lenders offer 30-year fixed-rate mortgages. With Credible, you can get a streamlined pre-approval for a home loan in as little as three minutes — making getting a mortgage faster and easier. Plus, you can compare lenders and interest rates all at once and finish the entire application process online.

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