The Advantages of 15 Year Fixed Mortgage Rates

By: Morgan Hamilton

If you are interested in purchasing a home for your family, you should make sure that the interest rate does not fluctuate over the course of the loan. Lenders may tempt you with deals that are too good to be true, but this often means that they actually are too good to be true. Loans that have 15 year fixed mortgage rates maintain the same amount of interest throughout the duration of the loan. This loan is ideal for people who dont like surprises.

When my wife and I were looking at houses for sale, we decided to look for loans that have 15 year fixed mortgage rates. We wanted to pay off the house as soon as possible, but we didnt want to have problems with paying high monthly payments.

In addition to considering 15 year loans, we also checked out loans that spanned 30 years as well. We didnt like the thought of having a mortgage as we were approaching our retirement, so we were hoping to find an ideal loan with 15 year fixed mortgage rates.

However, after taking everything into consideration, my wife and I decided to take a 30 year loan instead. There were significant reasons that led to this decision. The most important factor is that my wife was five months pregnant. This means that her contribution to our monthly finances will be unreliable since she will be raising our child at home. Since loans with 15 year fixed mortgage rates require a high monthly payment, we didnt want to get in over our heads.

Taking out a 30 year loan would lessen our monthly payments. We also made extra payments throughout the year to make the principal shrink faster. Making a handful of extra payments throughout a twelve month period can knock years off your loan. Although we would have preferred a loan with 15 year fixed mortgage rates, we had to consider our financial needs and abilities. Fortunately, things worked out well for us.

Mortgages
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Mortgages
 



Share this article :
Click to see more related articles