Choosing a mortgage is optional . Home buyers have to choose the right mortgage for some reason, but on a low interest rate , the question is a 15 year fixed rate mortgage is a bad option.
When homeowners choose an adjustable rate mortgage due to low interest rate and payment upfront , the disadvantage to homeowners is when the interests and payments adjust to higher rate. On the other hand homeowners will consider the 30-year fixed rate mortgage for the low interest and monthly payments over the long term.
On a 15 -year fixed rate you may pay your mortgage much faster and the interest you will save is better compared to other mortgages. Remember that the monthly payment on this mortgage is higher. You can consider this mortgage when you are able to afford the expensive monthly payments but be sure this is the right one for you before you make your decision.
Please go to Article:
http://www.screenmylender.com/2010/03/is-a-low-interest-15-year-fixed-rate-mortgage-worth-the-monthly-payment-red-white-and-blue-press-blog/v
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