Considering whether you need a 30 or 15 year fixed mortgage rate is important for people looking to buy a home and concerned about their monthly payments. Early completion of a mortgage is important for those of use that leave buying a home until later in life. Of course, there are many things to consider before signing any papers.

It is important to remember that you want to make sure that the interest rate doesn’t change over the course of the loan. Avoid the mortgage loans offered by some lenders, the one that sound unbelievable because they usually are. 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. Both my husband and I decided to research fixed rate mortgages when we started looking at homes for sale.

Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. So in consideration of this point we also looked at longer, 30 year fixed mortgage rates as well.

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The 15 year fixed mortgage rate was the plan we really wanted because neither of us wanted to be still paying a mortgage when we close to retiring. It wasn’t easy for us because of the pressure to pay the house off early. It took some time but we finally decided to go ahead with the 30 year mortgage plan.

Although many things were taken into account when reaching this decision, the main one was that I found out I was having a baby. Because I wanted to be at home for our child, my financial income would be uncertain and not regular. Unfortunately, a higher monthly payment was the downside of loans with a 15 year fixed mortgage rate. We knew that it just wasn’t an option and the risk was too great. A thirty year loan brought the monthly payments down quite a bit.

We also make extra payments throughout the year to make the principal shrink quicker. 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. Our first choice would have been to go for the short term fixed rate mortgage solution but this did not help with our more immediate situation.

Things worked out well anyway.

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