January 8, 2008

Lowest Commercial Mortgage Rate

When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. Paying the mortgage off early is important for many people that buy a home later in life. Of course, there are many things to consider before signing any papers.

One point to remember, is ensuring that your monthly mortgage repayment remains the same throughout the period of the loan. Many lenders offer deals that are too good to be true. Loans that have 15 year fixed mortgage rates maintain the same amount of interest throughout the life of the loan. There are no hidden surprises which is great for many people that want a regular monthly payment. Both my husband and I decided to research fixed rate mortgages when we started looking at homes for sale.

We wanted to pay off the house as soon as possible but we didn’t want to get in over our heads with high monthly payments. So in consideration of this point we also looked at longer, 30 year fixed mortgage rates as well.

Lowest Commercial Mortgage Rate...

No-one likes the idea of having a mortgage when they are close to retirement, and we were no different, so it was still our hope that a 15 year fixed mortgage rate plan would still be an option. We were worried about the emphasis placed on early completion of the mortgage. It took some time but we finally decided to go ahead with the 30 year mortgage plan.

After finding out I was having a baby, reaching the decision we did was the only one that made sense. As I intended to raise our child at home we couldn’t rely on my financial income to the monthly expenditure. The financial commitment per month on the 15 year fixed mortgage rate was just too high. All things considered, we just didn’t want to bite off more than we could chew. We found that the monthly repayments on a 30 year loan were more manageable.

We also make extra payments throughout the year to make the principal shrink quicker. If you make a handful of extra payments throughout a twelve month period you can knock years off of your loan. 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.

Lowest Commercial Mortgage Rate

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