Many people who are looking to buy a home consider whether a 30 year or 15 year fixed mortgage rate is best for their monthly payments. 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. However, before you rush in and sign any papers, there are points to contemplate. Probably the most important point is a guarantee of a constant interest rate for the duration of the loan.
It is not uncommon to see lenders offering deals that are too good to be true. Loans agreed with a 15 year fixed mortgage keep the same interest rate throughout the entire life of the agreement. For those individuals that don’t like hidden surprises, this is always a benefit. Both my wife and I decided to research fixed rate mortgages when we started looking at homes for sale.
Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. 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 wasn’t what we were looking for, so we decided to try for a loan with a 15 year fixed mortgage. We were worried about the emphasis placed on early completion of the mortgage.
We thought about it long and hard and despite the pressure we decided to go with the 30 year loan plan. Many factors were taken into account when reaching this decision. The most important point was the fact I discovered my wife was having a baby. As she intended to raise our child at home we couldn’t rely on her financial income to the monthly expenditure. The problem we could see was the increased financial commitment on a monthly basis if we had opted for the 15 year fixed mortgage rate. All things considered, we just didn’t want to bite off more than we could chew. The 30 year loan repayments were considerably lower than the 15 year figures.
Making a few additional lump sum payments during the year helps bring down the amount owed. It is possible to take years off your loan if you can make a few extra payments during each year. This is well worth it in the long term but it does require some discipline. Although we would have much preferred a loan with a 15 year fixed mortgage rate we had to take our needs and abilities into consideration. Things worked out well anyway, even though we were unsure about it to start with.
To find additional information on debt consolidation and loans visit Chapter 13 Filing as well as Debt Charge-Off
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