Since the Federal Housing Administration first accepted 30-year fixed-rate mortgages in 1954, this loan option has remained a staple for homebuyers throughout the country. While it has proven to be an affordable mortgage for most, as monthly payments remain low over a longer period of time, it has not proven to be the best option for all. So is a 30-year fixed-rate mortgage right for you? Here are the questions you should ask yourself:
Long-term relationships are a big commitment—whether you’re deciding to get married or signing the paperwork for a 30-year mortgage. These decisions become even more important for potential homebuyers, as money and marriage now help determine the loan that best fits your needs. No matter what your relationship status is at the moment, there is always a mortgage option for you.