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. 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. It is always a good idea to confirm that the interest rate does not alter during the term of the mortgage.

It seems that some lenders are happy to offer deals that appear too good to be true and they usually are. The interest rate should remain the same for fixed rate mortgages until the loan is repaid. If you are someone that wants a loan with a regular fixed repayment and no additional charges then this is the main benefit with this type of agreement. Both my wife and I decided to research fixed rate mortgages when we started looking at homes for sale.

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Although paying off the mortgage was our main priority, we did not want to have monthly payments that were uncomfortably high. As well as thinking about loans of 15 years, we also considered fixed rate mortgages that lasted 30 years as well. We didn’t really like the prospect of having a mortgage as we approached retirement so were really hoping to get one of the loans with 15 year fixed mortgage rates. We were worried about the emphasis placed on early completion of the mortgage.

After taking everything into consideration we decided on a 30 year loan instead. There are always a number of points to think about when a decision like this has to be made. The main reason was that I found out my wife was pregnant. Because she wanted to be at home for our child, her income would not only be uncertain but also irregular. The financial commitment per month on the 15 year fixed mortgage rate was just too high. We knew that it just wasn’t an option and the risk was too great. After looking at the much lower amount we would be paying per month with a 30 year mortgage loan, there wasn’t any option but to go with it.

During the year we can make additional payments which helps to reduce the amount owed. If you make a handful of extra payments throughout a twelve month period you can knock years off of your loan. Although this isn’t easy to achieve, in the long term it is well worth it. Although we would have much preferred a loan with a 15 year fixed mortgage rate we had to take our needs and abilities into consideration. Despite all our worries, things turned out well for us and we do not regret the decision.

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