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. Most people that buy a home later in life want to have the mortgage 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. It is always wise to avoid agreements that appear to too good to be true because they invariably 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. Both my husband and I decided to research fixed rate mortgages when we started looking at homes 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. 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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We didn’t really like the idea of having a mortgage as we were approaching the age of retirement so we were really hoping to get one of the loans with 15 year fixed mortgage rates. There was obviously very good reasons to finish paying the loan off early. Taking everything into account we finally went for the easier 30 year mortgage plan instead.

After finding out I was having a baby, reaching the decision we did was the only one that made sense. My contribution to the monthly finances was unreliable since I was going to raise our child at home. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. All things considered, we just didn’t want to bite off more than we could chew. 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. By doing this you can also reduce the term of the mortgage by years. Although this isn’t easy to achieve, in the long term it is well worth it. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan.

Things worked out well anyway.

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