The monthly payments for 30 year or 15 year fixed mortgages are the main considerations for many people who are looking to buy a home. Since many of us are buying homes later in life we would like to have the house paid off as soon as possible. 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. It seems that some lenders are happy to offer deals that appear too good to be true and they usually are. The interest rate remains the same for fixed rate mortgages over the life of the loan. For many people with regular incomes, this sis a definite benefit as there are no hidden charges. Both my husband and I decided to research fixed rate mortgages when we started looking at homes for sale.

Although paying off the mortgage was our main priority, we did not want to have monthly payments that were uncomfortably high. 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. It wasn’t easy for us because of the pressure to pay the house off early. However, after taking everything into consideration we chose a 30 year loan instead.

Although many things were taken into account when reaching this decision, 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. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. We could see the financial problem of getting in too deep. 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. My making just a few of these payments each year we discovered that year’s could be taken off the mortgage term. Difficult this may be, but well worth the effort in the long run. Our desire for a 15 year fixed rate mortgage came second place to our more immediate needs.

As it is things worked out very well.

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