The 30-Year Fixed

Get cash or consolidate debt with a low monthly payment by refinancing your home with a 30-year fixed rate loan.

Why refinance for 30 years?

Customers refinance their homes for 30 years for a number of reasons, but mostly because they want to get their payments as low as possible so they can have more disposable income. The money they save on their monthly mortgage payment can go toward other investments, college savings or to just manage their bills more easily. It’s the most affordable choice when refinancing.

Lowest Monthly Payments

Spreading your payments over 30 years makes your mortgage manageable.

Fixed Rate

Don’t worry about your rate or payment changing. It’s fixed.

Easier Qualification

With lower payments, you may qualify for a larger loan amount and get cash back.

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Pay less, qualify for more

The 30-year fixed is the most popular loan for most home owners. The lower payments may allow you to qualify for a larger loan. For a refinance, this can mean more money in your pocket for home improvements, paying off debt or funding college tuition. Some consumers just want the lower payments to make their loan payment more manageable month after month.

Indeed, the 30-year refinance comes with many different options. You can refinance your current mortgage for a lower interest rate and make extra payments to lower your balance when it makes sense for you to do so. You can consolidate a first mortgage and a second mortgage into one low monthly payment. You can also get extra cash to pay off credit card debt or make home improvements.

If your goal is to pay off your loan sooner, a 20-year or 15-year loan may be a better option. Your Milend loan officer will help you weigh all your options and present solutions that make the most sense for you.