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. Buying a home later in life means that many people want to have the mortgage paid off early. There are always things to take into account before signing documents.

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. A 15 year fixed rate mortgage means the interest rate remains fixed for the life of the loan. If you are someone that wants a loan with a regular fixed repayment and no surprises then this is the main benefit with this type of agreement. 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.

Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. Considering longer term mortgages was one option if we could not afford a 15 year plan.

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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 decided on a 30 year loan after looking at all the other possibilities.

There were many things that factored into this. First of all, I discovered that I was having a baby. My regular monthly income would become unreliable because I wanted to be at home raising our child. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. We could see the financial problem of getting in too deep. We found that the monthly repayments on a 30 year loan were more manageable.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. To our surprise we also discovered that we could knock years off our loan by doing this. 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.

As it is things worked out very well.

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