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. A large number of people nowadays have decided to wait and are buying homes later but they also want to pay off their mortgage early. Before signing and documents, there are always many points to think about.

Ensuring the repayment remains the same throughout the mortgage term is very important. Many lenders offer deals that are too good to be true. A 15 year fixed rate mortgage means the interest rate remains fixed for the life of the loan. For many people with regular incomes, this sis a definite benefit as there are no hidden charges. 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.

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Still, having a mortgage close to retirement wasn’t what we were looking for, so we hoped we would be able to get a loan with a 15 year fixed mortgage. It wasn’t easy for us because of the pressure to pay the house off early. After careful consideration we decided to take the longer term 30 year repayment option instead of the 15 year plan.

There were many things that lead us to this decision, but 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. Unfortunately, a higher monthly payment was the downside of loans with a 15 year fixed mortgage rate. We knew that it just wasn’t an option and the risk was too great. The 30 year loan repayments were considerably lower than the 15 year figures.

Being able to make additional lump sum payments during the year means the outstanding loan reduces faster. To our surprise we also discovered that we could knock years off our loan by doing this. Difficult this may be, but well worth the effort in the long run. 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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