30-year Fixed Mortgage what is it and is it the best mortgage for me
With a 30 year fixed rate mortgage, your interest rate does not change, and you pay the loan off in 30 years. Traditionally, this has been the most popular mortgage when interest rates are low because you can lock in and secure a low interest rate.
You traditionally will pay a slightly higher interest rate than on a 15 year fixed. If you can afford a 15 year fixed and like the idea of the fixed mortgage rate, I would recommend the 15 year over the 30. If you are unable to pay the higher morgtgage, opt for the 30 year fixed mortgage.
What is the best mortgage for me?
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