It is quite normal for potential home buyers to look into 30 year or 15 year fixed mortgage rates when considering their monthly repayments. 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.

Over the course of the loan, it’s important to remember to make sure the interest rate doesn’t change. Many lenders offer deals that are too good to be true. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. This is beneficial for any of us who 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.

Although paying off the mortgage was our main priority, we did not want to have monthly payments that were uncomfortably high. 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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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. 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.

There were many things that factored into this. First of all, I discovered that I was having a baby. My contribution to the monthly finances was unreliable since I was going to raise our child at home. Loans that had 15 year fixed mortgage rates required a higher monthly payment. 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. We also found that we were reducing the number of years left on the mortgage by making these payments. It may be easier said than done, but does pay off eventually. Our first choice would have been to go for the short term fixed rate mortgage solution but this did not help with our more immediate situation.

Things worked out well anyway.

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