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15 Year Mortgage, Is It Right For You!

Jul 15, 2008
When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. No-one wants a mortgage hanging around their neck forever but with home buyers entering the market later, an early repayment of this loan is important. It may take some time to reach a decision as there are many things to contemplate. Ensuring the repayment remains the same throughout the mortgage term is very important.

Steer clear of lenders that are offering unbelievable deals because they probably are. A 15 year fixed rate mortgage means the interest rate remains stable for the life of the loan.

This is always a good thing for those people that do not like surprises. My wife and I had already decided to research long term fixed mortgage rates when we started looking at homes for sale.

Our aim was to pay of the mortgage as soon as we could without getting into trouble with high monthly payments. So in consideration of this point we also looked at longer, 30 year fixed rate mortgages as well.

Still, having a mortgage close to retirement was not what we were looking for, so we decided to try for a loan with a 15 year fixed mortgage. There was obviously very good reasons to finish paying the loan off early.

Taking everything into account we finally went for the easier 30 year mortgage plan instead. Many factors were taken into account when reaching this decision. The main reason was that I found out my wife was pregnant.

My wife decided she wanted to raise our child at home so I could not be certain of her monthly financial commitment to our household expenses. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. We just decided we would probably get into trouble if we took this route. A thirty year loan brought the monthly payments down to a reasonable level.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. It is possible to take years off your loan if you can make a few extra payments during each year. This may be difficult but well worth the effort in the a few years down the line. Our desire for a 15 year fixed rate mortgage was second place to our more immediate needs. Things worked out well anyway, even though we were unsure about it to start with.
About the Author
Interested in finding great rates for a 15 year home mortgage? Visit our site where you will find great rates, tips, guides and industry secrets on best source to obtain home mortgage and mortgage refinancing rates.
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