The monthly repayments for 30 year or 15 year fixed mortgage are just one important consideration 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.

It is always a good idea to confirm that the interest rate does not alter during the term of the mortgage. 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 always a good thing for those of us that 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. As well as thinking about loans with 15 year fixed mortgage rates, we also considered loans that lasted 30 years as well.

California Current Mortgage Rate...

No-one likes the idea of having a mortgage when they are close to retirement, and we were no different, so it was still our hope that a 15 year fixed mortgage rate plan would still be an option. There was a lot of pressure to have the house paid off as soon as possible. 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. Because I wanted to be at home for our child, my financial income would be uncertain and not regular. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. We knew that it just wasn’t an option and the risk was too great. We found that the monthly repayments on a 30 year loan were more manageable.

If we have spare cash throughout the year then we can use it to reduce the capital sum. By doing this you can also reduce the term of the mortgage by years. This is well worth it in the long term but it does require some discipline. It was hard going against our preference for a shorter term fixed rate mortgage but we had to think about more immediate needs and abilities.

Despite all our worries, things turned out well for us in the end.

California Current Mortgage Rate

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