30-year conventional mortgage benefits & guidelines
A 30-year fixed-rate mortgage offers long-term stability with a steady interest rate and monthly payment for the whole loan term. And while a 30-year loan takes longer to repay, the lower payments can free up room in your budget for other financial priorities.
Why choose a 30-year conventional mortgage?
No matter how the economy changes, your rate stays locked in for the full 30-year term of the loan. This reliability makes it one of the most popular options for homebuyers looking to plan their budgets confidently.
30-year conventional mortgage guidelines
To qualify for a 30-year conventional mortgage, you will need:
- No minimum score
- Down payment of 3% of purchase price
- Debt-to-income(DTI) ratio under 43%
If your down payment is less than 20%, you will likely need private mortgage insurance (PMI), which you can potentially remove once you have 20% equity in your home. You can also pay more than the minimum monthly payment to help build equity faster and lower your interest costs over time.
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What are the current 30-year conventional mortgage rates?
Rates for a 30-year mortgage can vary depending on factors like your financial profile, the economy and local housing market trends, so stay informed as you plan your home purchase.
Use the button to see current rates for a 30-year conventional mortgage. See mortgage rate disclaimers for assumptions and details.
How to apply for a 30-year conventional mortgage
Applying for a 30-year conventional mortgage is simple with Rate’s Digital Mortgage. Follow these steps.
1. Review your finances
Check your credit score, income, DTI ratio and cash on hand for a down payment.
1. Review your finances
Check your credit score, income, DTI ratio and cash on hand for a down payment.
2. Gather key documents
In most cases, you’ll need to provide income verification, tax returns, asset statements and personal identification.
3. Apply online
Once you submit your application, your Loan Officer will help you from there.
“The Guaranteed Rate Team was very easy to work with! Information was clear and all available through my portal for review at all times. Additionally the team was very responsive to any and all questions we had along the way.”
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply. Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact Rate for current rates. Restrictions apply.