A Look at the Cheapest Fixed Rate Mortgages
It is quite normal for potential home buyers to look into 30 year or 15 year fixed mortgage rates when considering their monthly repayments. Of course
the goal for most people with a mortgage is to pay it off early and save themselves a great deal of money in interest repayments. Decisions of this
nature need careful consideration before any commitment is made. It is important to make sure that the interest rate does not change over the course
of the loan.
Steer clear of lenders that are offering unbelievable deals because they probably are. Loans agreed with a 15 year fixed mortgage keep the same
interest rate throughout the entire life of the agreement. For those individuals that do not like hidden surprises, this is always a benefit. My wife and I
looked into the loans available with 15 year fixed mortgage rates when we were searching for a home for sale.
Although paying off the mortgage was our main priority, we did not want to have monthly payments that were uncomfortably high. As well as thinking
about loans of 15 years, we also considered fixed rate mortgages that lasted 30 years as well. We did not really like the prospect of having a mortgage
as we approached retirement so were really hoping to get one of the loans with 15 year fixed mortgage rates. There was obviously very good reasons
to finish paying the loan off early.
After taking everything into consideration we decided on a 30 year loan instead. There were many things that factored into this decision.The main
reason was that I found out my wife was pregnant. My wife was going to raise our child from home so her addition to the monthly income would be
restricted. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. We could see the
financial problem of getting in too deep even though there were benefits to a shorter loan period. Despite the trepidation of having a longer term loan, it
did reduce the repayments considerably.
Making a few additional