What is the primary factor for determining if a 30-year mortgage is suitable for a member?

The primary factor for determining if a 30-year mortgage is suitable for a member is the duration of qualifying income. This aspect is crucial because lenders need to assess the applicant's ability to consistently make mortgage payments over the long term that a 30-year loan entails. It assesses the stability and reliability of the member's income, which directly impacts their capability to meet the mortgage obligations throughout the life of the loan.

A 30-year mortgage typically has lower monthly payments compared to shorter loan terms, but it also means a longer commitment, thus requiring assurance that the member's income will remain stable or grow over the duration to avoid default. Evaluating the duration of qualifying income helps the lender determine if the member can handle this long-term financial responsibility. Other factors, such as age or property value, while important, do not directly address the ongoing income necessary to sustain the mortgage payments throughout the loan's term.