When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. Early completion of a mortgage is important for those of use that leave buying a home until later in life. But, before you commit yourself and sign any documents, there are points you should consider.

One point to remember, is ensuring that your monthly mortgage repayment remains the same throughout the period of the loan. If you are offered a deal that appears to be too good to be true than it probably is. Loans that have 15 year fixed mortgage rates maintain the same amount of interest throughout the life of the loan. This is beneficial for any of us who don’t like surprises. My husband and I looked into the loans available with 15 year fixed mortgage rates when we were looking at home for sale.

It was always our intention to pay off our mortgage as early as possible but we didn’t want to over extend ourselves at the same time. So in consideration of this point we also looked at longer, 30 year fixed mortgage rates as well.

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Because we didn’t still want to have a mortgage when we close to retirement, we hoped we would be able to afford a shorter 15 year fixed rate mortgage. There was a lot of pressure to have the house paid off as soon as possible. After careful consideration we decided to take the longer term 30 year repayment option instead of the 15 year plan.

After finding out I was having a baby, reaching the decision we did was the only one that made sense. I decided I wanted to raise my child at home so I couldn’t be certain of my monthly financial contribution to our household expenses. The problem we could see was the increased financial commitment on a monthly basis if we had opted for the 15 year fixed mortgage rate. We just decided we would probably get into trouble if we took this route. We found that the monthly repayments on a 30 year loan were more manageable.

We also make extra payments throughout the year to make the principal shrink quicker. If you make a handful of extra payments throughout a twelve month period you can knock years off of your loan. This is well worth it in the long term but it does require some discipline. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan.

But in retrospect, everything worked out ok in the end.

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