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. Early completion of a mortgage is important for those of use that leave buying a home until later in life. Although before signing any documents, there are many things to consider.

One point to remember, is ensuring that your monthly mortgage repayment remains the same throughout the period of the loan. Steer clear of lenders that are offering unbelievable deals because they probably are. Loans that have 15 year fixed mortgage rates maintain the same amount of interest throughout the life of the loan. The greatest benefit with this type of agreement is that there are no sudden surprises. 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.

We wanted to pay off the house as soon as possible but we didn’t want to get in over our heads 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.

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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. We were worried about the emphasis placed on early completion of the mortgage. We decided on a 30 year loan after looking at all the other possibilities.

Although many things were taken into account when reaching this decision, the main one was that I found out I was having a baby. I was going to raise our child from home so my contribution to the monthly income would be unreliable. 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. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

We also make extra payments throughout the year to make the principal shrink quicker. We also found that we were reducing the number of years left on the mortgage by making these payments. In the long term, this is a strategy well worth pursuing. 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.

Anyway, everything worked out fine.

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