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i was wanting to buy a home and i don’t get what a 30 year fixed is? is like that stuff how long i live in the house or something? i wanted to know what a 30 year fixed in buying homes was please explain thank you

4 Thoughts on what is a 30 year fixed when buying homes?
  1. Reply
    July 8, 2011 at 1:48 am

    A mortgage loan with a fixed interest rate and a term of 30 years.

  2. Reply
    Fowler Fan
    July 8, 2011 at 2:20 am

    A 30 year fixed refers to a mortgage.

    Fixed means your payment and interest rate are fixed for the life of the mortgage.

    30 years means how long the mortgage will last.

  3. Reply
    You're Kidding
    July 8, 2011 at 2:44 am

    30 years is the life of the loan…you will be making payments monthly for 30 years and then your home will be paid off.
    Fixed interest rate means…the interest rate you get at the time of loan signing will remain the same for as long as you have that mortgage. It will stay fixed.
    Really a good way to go especially if the rate is low, under 6.5%.
    Anytime along the 30 years, you can remortgage at a lower interest rate when interest rates go lower.

  4. Reply
    July 8, 2011 at 2:54 am

    A mortgage for a period of 30 years with a fixed (as opposed to variable) interest rate.

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