Who should take a 30-years fixed rate mortgage?
If you are planning to stay in the same house throughout your life then the 30-year fixed rate mortgage can be your best option. The monthly payments towards this loan would be as low as with an adjustable rate mortgage you would also have the security that you will not have to refinance and think about getting caught with a higher monthly payment later on. In the mortgage market the longer the capital is committed for the higher are the returns. The fact behind the 30-year fixed rate mortgage is that though the monthly payments with this type of mortgage are lower than those with the 15 year fixed rate mortgage but the rates on the 30 years mortgage is 0.5% higher than that on the 15-year fixed rate mortgage. The 30 years fixed rate mortgage can always be controlled with a LOC and hence help you reduce your mortgage payments drastically. The 30 years fixed rate mortgage id one of the most flexible plans that are available in today’s mortgage market and is quite promising for people wh
