Buy To Let Mortgage Best Fixed Rate Mortgages
Many couples buying a home are face with the question of whether to opt for a 15 or 30 year fixed mortgage rate. Early completion of a mortgage is important for those of us that leave buying a home until later in life. In a situation as important as this, time needs to be spent considering all the available options. One point to remember is ensuring that your monthly mortgage repayment remains the same throughout the entire period of the loan.
If you are offered a deal that appears to be too good to be true than it probably is. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. For many people with regular incomes, this is a definite benefit as there are no hidden charges. My wife and I had already decided to research long term fixed mortgage rates when we started looking at homes for sale.
It was always our intention to clear our mortgage debt as early as we could but we did not want to over extend ourselves at the same time. When we considered fixed rate mortgages we also looked into even longer term loans that spanned 30 years 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. We felt that there was a great deal of emphasis on paying the mortgage off early.
After taking everything into consideration we decided on a 30 year loan instead. 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. 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 contribution my wife made to the monthly finances would be unreliable since she intended to raise our child at home. Loans that were based on 15 year fixed mortgage rates required a much higher monthly payment. We just decided we would probably get into trouble if we took this route. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.
Being able to make additional lump sum payments during the year means the outstanding loan reduces faster. We also found that we were reducing the number of years left on the mortgage by making these payments. 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.
If you are offered a deal that appears to be too good to be true than it probably is. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. For many people with regular incomes, this is a definite benefit as there are no hidden charges. My wife and I had already decided to research long term fixed mortgage rates when we started looking at homes for sale.
It was always our intention to clear our mortgage debt as early as we could but we did not want to over extend ourselves at the same time. When we considered fixed rate mortgages we also looked into even longer term loans that spanned 30 years 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. We felt that there was a great deal of emphasis on paying the mortgage off early.
After taking everything into consideration we decided on a 30 year loan instead. 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. 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 contribution my wife made to the monthly finances would be unreliable since she intended to raise our child at home. Loans that were based on 15 year fixed mortgage rates required a much higher monthly payment. We just decided we would probably get into trouble if we took this route. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.
Being able to make additional lump sum payments during the year means the outstanding loan reduces faster. We also found that we were reducing the number of years left on the mortgage by making these payments. 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.
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