Many people who are looking to buy a home consider whether they need 30 year or 15 year fixed mortgage rates for their monthly payments. Paying the mortgage off early is important for many people that buy a home later in life. However, before you rush in and sign any papers there are points to consider.

One point to remember, is ensuring that your monthly mortgage repayment remains the same throughout the period of the loan. It is always wise to avoid agreements that appear to too good to be true because they invariably are. Loans that have 15 year fixed mortgage rates maintain the same amount of interest throughout the life of the loan. For many people with regular incomes, this sis a definite benefit as there are no hidden charges. When my husband and I were looking at homes for sale we decided to look into the various loans available with 15 year fixed mortgage rates.

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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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 a lot of pressure to have the house paid off as soon as possible. We thought about it long and hard and Despite the pressure we decided to go with the 30 year loan 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. Unfortunately, a higher monthly payment was the downside of loans with a 15 year fixed mortgage rate. We could see the financial problem of getting in too deep. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. It is possible to take years off your loan if you can make a few extra payments during each year. This is well worth it in the long term but it does require some discipline. It was hard going against our preference for a shorter term fixed rate mortgage but we had to think about more immediate needs and abilities.

Despite all our worries, things turned out well for us in the end.

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