The monthly payments for 30 year or 15 year fixed mortgages are the main considerations for many people who are looking to buy a home. Most people that buy a home later in life want to have the mortgage paid off as soon as possible. But, before you commit yourself and sign any documents, there are points you should consider.

It is important to remember that you want to make sure that the interest rate doesn’t change over the course of the loan. If you are offered a deal that appears to be too good to be true than it probably is. Loans agreed with a 15 year fixed mortgage keep the same interest rate throughout the entire life of the loan agreement. There are no hidden surprises which is great for many people that want a regular monthly payment. We had already decided to research long term fixed mortgage rates when we started looking at homes for sale.

We wanted to pay off the house as soon as possible but we didn’t want to get in over our heads with high monthly payments. This meant that we had to consider 30 year fixed mortgage plans as well as 15 year mortgages.

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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.

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. Loans that had 15 year fixed mortgage rates required a higher monthly payment. 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.

During the year we can make additional payments which helps to reduce the amount owed. It is possible to take years off your loan if you can make a few extra payments during each year. In the long term, this is a strategy well worth pursuing. 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.

All things considered, it all worked out for the best.

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