Considering whether you need a 30 or 15 year fixed mortgage rate is important for people looking to buy a home and concerned about their monthly payments. Early completion of a mortgage is important for those of use that leave buying a home until later in life. But, before you commit yourself and sign any documents, there are points you should consider.

Over the course of the loan, it’s important to remember to make sure the interest rate doesn’t change. 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 loan agreement. For many people with regular incomes, this sis a definite benefit as there are no hidden charges. We had already decided to research long term fixed mortgage rates when we started looking at homes for sale.

It was always our intention to pay off our mortgage as early as possible but we didn’t want to over extend ourselves at the same time. So in consideration of this point we also looked at longer, 30 year fixed mortgage rates as well.

Current Interest Rates Wells Fargo Mortgage...

Because we didn’t still want to have a mortgage when we close to retirement, we hoped we would be able to afford a shorter 15 year fixed rate mortgage. Too much pressure was placed on paying the mortgage off early. It took some time but we finally decided to go ahead with the 30 year mortgage plan.

We found it easier reaching this conclusion when I learnt I was expecting a baby. I was going to raise our child from home so my contribution to the monthly income would be unreliable. Unfortunately, a higher monthly payment was the downside of loans with a 15 year fixed mortgage rate. We just decided we would probably get into trouble if we took this route. After looking at the much lower amount we would be paying per month with a 30 year mortgage loan, there wasn’t any option but to go with it.

We also make extra payments throughout the year to make the principal shrink quicker. To our surprise we also discovered that we could knock years off our loan by doing this. Difficult this may be, but well worth the effort in the long run. Our desire for a 15 year fixed rate mortgage came second place to our more immediate needs.

All things considered, it all worked out for the best.

Current Interest Rates Wells Fargo Mortgage

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