The ice man

Fixed Mortgages and Tax Lien Properties

April 27, 2008 on 10:40 am | By admin | In Finance :: Tax

For many home buyers, the only real decision they have to make is whether to have a 15 or 30 year fixed mortgage rate? Early completion of a mortgage is important for those of use that leave buying tax lien until later in life. In a situation as important as this time needs to be spent considering all the available options. Home buyers looking into this need to be assured their monthly payments will not increase.

It is not uncommon to see lenders offering deals that are too good to be true. 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. Both my wife and I decided to research fixed rate mortgages when we started looking at homes for sale.

Our aim was to pay of the mortgage as soon as we could without getting into trouble with high monthly payments. It became obvious that we had to look at fixed rate mortgages over a longer period and not just 15 year plans. The problem was that we weren't very happy about having a mortgage close to when we both retired so it was our hope a 15 year fixed mortgage rate would still be available to us. We were worried about the emphasis placed on early completion of the mortgage.