When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. Most people that buy a home later in life want to have the mortgage paid off as soon as possible. There are always things to take into account before signing documents.

It is important to remember that you want to make sure that the interest rate doesn’t change over the course of the loan. Many lenders offer deals that are too good to be true. 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. Both my husband and I decided to research fixed rate mortgages when we started looking at homes for sale.

Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. In addition to considering loans with 15 year fixed mortgage rates we also looked into loans that spanned 30 years as well.

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No-one likes the idea of having a mortgage when they are close to retirement, and we were no different, so it was still our hope that a 15 year fixed mortgage rate plan would still be an option. We felt that there was a great deal of pressure to pay the mortgage off early. However, after taking everything into consideration we chose a 30 year loan instead.

Although many things were taken into account when reaching this decision, the main one was that I found out I was having a baby. My regular monthly income would become unreliable because I wanted to be at home raising our child. The financial commitment per month on the 15 year fixed mortgage rate was just too high. We simply didn’t want to get in over our heads. The monthly payments on a 30 year loan were quite a bit lower.

We also make extra payments throughout the year to make the principal shrink quicker. My making just a few of these payments each year we discovered that year’s could be taken off the mortgage term. This is well worth it in the long term but it does require some discipline. Our desire for a 15 year fixed rate mortgage came second place to our more immediate needs.

Things worked out well anyway.

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