30 Year Mortgage Rates

For 30 year mortgage rates in Louisville KY or Indiana call us at 502-405-8834


30 Year Mortgage Rates Louisville KY

Easily the most common mortgage rates we quote and finance here in the Louisville KY and Indiana areas are for 30 year mortgages.

Considering how long to make your mortgage for can have a considerable effect on how much the monthly payment and overall interest will be. For most of us though it makes good since to initially finance our homes with the ever favorable 30 year loan.

The biggest reason being that 30 years is a long time. And once we’ve indicated that we can make our payments on time and on schedule it’s always possible to refinance down the road and potentially get a much lower interest rate, or shorten the length of the loan.

Top 3 Benefits of having a 30 Year Mortgage

  1. The payment will be considerably lower than a 15 or 20 year mortgage. For young home buyers it’s just more affordable and can mean the difference in being able to buy or not buy.
  2. It allows us to build our credit easier. Then down the road we can refinance for a shorter length of time.
  3. A 30 year mortgage is more flexible and allows us to pay a smaller payment. Life can be mean sometimes. Say you unexpectedly get laid off or hurt. That higher payment on the 15 or 20 year mortgage will be harder to make. And with the 30 year mortgage you can always pay more on the principal amount thereby paying it off quicker.

What are the draw backs to 30 year mortgages

  1. It takes a lot longer to pay off a 30 year mortgage. That’s easily half of an adult life.
  2. The overall interest paid over the full life of a 30 year mortgage is much higher than a 15 or 20 year mortgage and should be a major factor when looking at the future.
  3. The interest rate itself is higher on a 30 year mortgage due to the increased risk for the lender.


For 30 year mortgage rates in Louisville KY or Indiana call us at 502-405-8834