It is quite normal for potential home buyers to look into 30 year or 15 year fixed mortgage rates when considering their monthly repayments. Paying the mortgage off early is important for many people that buy a home later in life. However, before you rush in and sign any papers there are points to consider.

Ensuring the repayment remains the same throughout the mortgage term is very important. Many lenders offer deals that are too good to be true. A fixed rate mortgage maintains a set interest rate during the life of the loan. For those of us that don’t like hidden surprises, this is always a good thing. My husband and I looked into the loans available with 15 year fixed mortgage rates when we were looking at home for sale.

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. So in consideration of this point we also looked at longer, 30 year fixed mortgage rates as well.

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We didn’t really like the idea of having a mortgage as we were approaching the age of retirement so we were really hoping to get one of the loans with 15 year fixed mortgage rates. It wasn’t easy for us because of the pressure to pay the house off early. After careful consideration we decided to take the longer term 30 year repayment option instead of the 15 year plan.

There were many things that lead us to this decision, but the main one was that I found out I was having a baby. As I intended to raise our child at home we couldn’t rely on my financial income to the monthly expenditure. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. All things considered, we just didn’t want to bite off more than we could chew. A thirty year loan brought the monthly payments down quite a bit.

If we have spare cash throughout the year then we can use it to reduce the capital sum. Those few extra payments also help reduce the number of years you have to pay the loan over. Although this isn’t easy to achieve, in the long term it is well worth it. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan.

Despite all our worries, things turned out well for us in the end.

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