When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. Most people that buy a home later in life want to have the mortgage paid off as soon as possible. There are always things to take into account before signing documents.

It is always a good idea to confirm that the interest rate does not alter during the term of the mortgage. This means that they actually are too good to be true. The interest rate remains the same for fixed rate mortgages over the life of the loan. This is beneficial for any of us who don’t like surprises. When my husband and I were looking at homes for sale we decided to look into the various loans available with 15 year fixed mortgage rates.

We wanted to pay off the house as soon as possible but we didn’t want to get in over our heads with high monthly payments. Considering longer term mortgages was one option if we could not afford a 15 year plan.

30 Year Fixed Mortgage Rates...

Still, having a mortgage close to retirement wasn’t what we were looking for, so we hoped we would be able to get a loan with a 15 year fixed mortgage. There was a lot of pressure to have the house paid off as soon as possible. After careful consideration we decided to take the longer term 30 year repayment option instead of the 15 year plan.

After finding out I was having a baby, reaching the decision we did was the only one that made sense. I decided I wanted to raise my child at home so I couldn’t be certain of my monthly financial contribution to our household expenses. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. We simply didn’t want to get in over our heads. The monthly payments on a 30 year loan were quite a bit lower.

During the year we can make additional payments which helps to reduce the amount owed. It is possible to take years off your loan if you can make a few extra payments during each year. This is well worth it in the long term but it does require some discipline. It was hard going against our preference for a shorter term fixed rate mortgage but we had to think about more immediate needs and abilities.

Anyway, everything worked out fine.

30 Year Fixed Mortgage Rates

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