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. But, before you commit yourself and sign any documents, there are points you should consider.

It is always a good idea to confirm that the interest rate does not alter during the term of the mortgage. Steer clear of lenders that are offering unbelievable deals because they probably are. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. This is always a good thing for those of us that 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. As well as thinking about loans with 15 year fixed mortgage rates, we also considered loans that lasted 30 years as well.

Home Loan Mortgage Interest 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 obviously very good reasons to finish paying the loan off early. 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. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. We could see the financial problem of getting in too deep. The 30 year loan repayments were considerably lower than the 15 year figures.

During the year we can make additional payments which helps to reduce the amount owed. Those few extra payments also help reduce the number of years you have to pay the loan over. In the long term, this is a strategy well worth pursuing. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan.

Anyway, everything worked out fine.

Home Loan Mortgage Interest Rates

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