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. Since many of us are buying homes later in life we would like to have the house paid off as soon as possible. Before signing and documents, there are always many points to think about.

Over the course of the loan, it’s important to remember to make sure the interest rate doesn’t change. Avoid the mortgage loans offered by some lenders, the one that sound unbelievable because they usually are. A fixed rate mortgage maintains a set interest rate during the life of the loan. This is beneficial for any of us who don’t like surprises. We had already decided to research long term fixed mortgage rates when we started looking at homes for sale.

Our aim was to pay of the mortgage as soon as we could without getting into trouble with high monthly payments. This meant that we had to consider 30 year fixed mortgage plans as well as 15 year mortgages.

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The problem was that we weren’t very happy about having a mortgage close to when we both retired and hoped that a 15 year fixed mortgage rate would still be available to us. Too much pressure was placed on paying the mortgage off early. We thought about it long and hard and Despite the pressure we decided to go with the 30 year loan plan.

We found it easier reaching this conclusion when I learnt I was expecting a baby. As I intended to raise our child at home we couldn’t rely on my financial income to the monthly expenditure. Loans that had 15 year fixed mortgage rates required a higher monthly payment. For us it just wasn’t feasible as we would just be in over our heads. 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.

Being able to make additional lump sum payments during the year means the outstanding loan reduces faster. It is possible to take years off your loan if you can make a few extra payments during each year. This takes some discipline but it is well worth it in the long run. 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.

All things considered, it all worked out for the best.

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