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. Since many of us are buying homes later in life we would like to have the house paid off as soon as possible. Of course, there are many things to consider before signing any papers.

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. 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. When we were looking to buy a home, my husband and I decided to go for a loan with a 15 year fixed mortgage rate.

Our aim was to pay of the mortgage as soon as we could without getting into trouble with high monthly payments. Considering longer term mortgages was one option if we could not afford a 15 year plan.

Fixed Rate Mortgage Rates...

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

Discovering I was having a baby was the clincher, although this wasn’t the only reason we reached this decision. Because I wanted to be at home for our child, my financial income would be uncertain and not regular. The financial commitment per month on the 15 year fixed mortgage rate was just too high. For us it just wasn’t feasible as we would just be in over our heads. 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. My making just a few of these payments each year we discovered that year’s could be taken off the mortgage term. 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.

Anyway, everything worked out fine.

Fixed Rate Mortgage Rates

Learn how YOU can get the Best Mortgage with the lowest rates, even if you have HORRIBLE credit - CLICK HERE!

Technorati Tags: Lowest Mortgage Rate, Mortgage Online Lowest Rate Financing Home Mobile Mortgage, Current Mortgage Variable Interest Rates