The most popular home loan on the market is the 30 year fixed rate mortgage. Favored by first time home buyers, people who have bought multiple homes over a lifetime, and even those refinancing, this program has several advantages. The fixed rate provides the security of a consistent principal and interest mortgage payment throughout the life of the loan. The thirty year term means the repayment of the loan balance and interest charges is spread out over 360 equal monthly payments, keeping those payments low.
eLend offers several different 30 year fixed rate options to choose from, there is likely one to fit your needs.
While there is no one size fits all home loan, in many cases a 30 year fixed rate loan is a good option. Here are some example scenarios where this loan type might be the right choice: