Many people who are looking to buy a home consider whether they need 30 year or 15 year fixed mortgage rates for their monthly payments. Most people that buy a home later in life want to have the mortgage paid off as soon as possible. Before signing and documents, there are always many points to think about.

One important point is to ensure that the interest rate doesn’t change during the life of the loan. Steer clear of lenders that are offering unbelievable deals because they probably are. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. There are no hidden surprises which is great for many people that want a regular monthly payment. 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.

It was always our intention to pay off our mortgage as early as possible but we didn’t want to over extend ourselves at the same time. In addition to considering loans with 15 year fixed mortgage rates we also looked into loans that spanned 30 years 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. Too much pressure was placed on paying the mortgage off early. Taking everything into account we finally went for the easier 30 year mortgage plan instead.

We found it easier reaching this conclusion when I learnt I was expecting a baby. 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. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. We simply didn’t want to get in over our heads. The 30 year loan repayments were considerably lower than the 15 year figures.

Making a few additional lump sum payments during the year helps bring down the amount owed. We also found that we were reducing the number of years left on the mortgage by making these payments. It may be easier said than done, but does pay off eventually. Although we would have preferred the loans with 15 year fixed mortgage rates we had to take our needs and abilities into consideration.

But in retrospect, everything worked out ok in the end.

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