Choosing the Right Mortgage Plan

Choosing a mortgage plan can be a cumbersome task because it requires understanding what a mortgage entails, comparing the respective features of mortgages, and decided whether or not a fixed or an adjustable mortgage rate is the appropriate avenue for financing. Figuring out the best fixed mortgage rate on the market requires a comparison of the 15 year mortgage rates to the 30 year mortgage rates. This comparison can be done through discussions with financial advisers or through individual research and the use of mortgage rate charts. Simple factors to take into consideration are how long one wants to live in their house, how much money they can afford per month, and job security aspects. 15 year mortgage rates often have a lower interest rate, but are higher in per month payments. 30 year mortgage rates are higher in interest, but can be several hundred dollars cheaper per month. However, the 30 year mortgage is often considered the riskier endeavor. The best fixed rate mortgage is dependent on the individual basis. Overall, 15 year mortgage rates are going for 3.6% to 4.0%; the best mortgage rate in this factor would be around a 3.6% or 3.7% rate.
On the scale of 30 year mortgages, the rates vary a bit more, starting around 4.2% and going up to around 4.7%. Ideally, the best fixed mortgage rate is a lower interest bracket which can be paid for without risk.