• Home
• Life Without Debt
• Product Review # 2
• Review Product # 3
• Other Resources

Make Sure You Don’t Get Bad Credit Mortage Loans

September 16th, 2008    Subscribe To Our Feed

The question of which is preferable: the 15 or 30 year fixed mortgage rate is one that home buyers are always unsure about. Buying a home later in life means that many people want to have the mortgage paid off early. Take some time to think about everything carefully before any agreement is signed. One important point is to ensure that the interest rate does not change during the life of the loan. Avoid bad credit mortgage loans at all costs.

It seems that some lenders are happy to offer deals that appear too good to be true and they usually are. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. There are no hidden costs involved with this type of plan which is great for many people that want a regular monthly payment. My wife and I had already decided to research long term fixed mortgage rates 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. The 15 year fixed mortgage rate was the plan we really wanted because neither of us wanted to be still paying a mortgage when we close to retiring. There was obviously very good reasons to finish paying the loan off early.

Eventually we decided on a 30 year loan after looking at all the other possibilities. Reaching the decision we did was the only one that made sense.Probably the over-riding decider was the fact my wife was expecting a child. As she intended to raise our child at home we could not rely on her financial income to the monthly expenditure. 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. The 30 year loan repayments were considerably lower than the 15 year figures.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. My making just a few of these payments each year we discovered that a number of years could be taken off the mortgage term. In the long term, this is a strategy well worth pursuing if you are able. 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. As it is, things worked out very well for us by taking this route.

Don’t Let Poor Credit Mortgages Take Advantage Of You

September 6th, 2008    Subscribe To Our Feed

There is always a debate when home buyers have to decide on the merits of 15 or 30 year fixed mortgage rates. Most people that buy a home later in life want to have the mortgage paid off as soon as possible. It is important to be careful of poor credit mortgages that take advantage of the consumer. Before signing and documents, there are always many points to think about. A homeowner should pursue, wherever possible, a mortgage with a guaranteed interest rate.

It is always wise to avoid agreements that do not appear to have any negative aspects because they invariably have but are hidden. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. There are no hidden costs involved with this type of plan which is great for many people that want a regular monthly payment. When my wife and I were looking at homes for sale we decided to check out the various loans available with 15 year fixed mortgage rates.

The plan was to pay off the house as soon as possible but we did not want to be burdened with high monthly payments. This meant we had to consider 30 year fixed rate mortgage plans as well as those of 15 years. Because we did not want to have a mortgage close to retirement, we hoped we would be able to afford a shorter 15 year fixed rate mortgage. It was not easy for us because of the stress to pay the house off early.

Taking everything into account we finally went for the easier 30 year mortgage plan instead. There were many things that factored into this decision.Discovering my wife was having a baby was the most important reason. Because she wanted to be at home for our child, her income would not only be uncertain but also irregular. The financial commitment per month on the 15 year fixed mortgage rate was just too high. We just simply did not want to get in over our heads with a higher monthly payment. The monthly payments on a 30 year loan were quite a bit lower.

During the year we can make additional payments which helps to reduce the amount owed. My making just a few of these payments each year we discovered that a number of years could be taken off the mortgage term. It may be easier said than done, but this approach does pay off eventually. We would have much preferred to have taken out a loan with a 15 year fixed mortgage rate but we had to consider our other commitments as well. As it is, things worked out very well for us by taking this route.

Copyright © 2008 Debt Relief Counseling- Stop Financial Suffering With Debt Relief Counseling

Credits: Make Money Online | Matteo Turchetto | Andreas Viklund