One issue that arises is qualifying for said loans as they’re not under any sort of program. The fixed part of the loan is also hard to swallow sometimes when interest rates are high. However, the stability the loan offers often outweighs the minimal cons!

Because the interest rate for this loan is fixed for three decades, it’s important for buyers to do what they can to lower their interest rates as much as possible. The two factors buyers have control over are their down payment and their credit score. So, when buyers are looking to purchase a home and utilize this common loan type, it’s best to put down as large of a down payment as one can afford and work on keeping their credit score as high as possible.

That being said, take time to get prepared and ready to make the best purchase possible and settle into your home and mortgage for the next several years!