It is quite normal for potential home buyers to look into 30 year or 15 year fixed mortgage rates when considering their monthly repayments. Many people wait until they are older before taking on the responsibility of a mortgage so an early payment of this large debt is an important issue to think about. Decisions of this nature need careful consideration before any commitment is made. A homeowner should pursue, wherever possible, a mortgage with a guaranteed interest rate.

It seems that some lenders are happy to offer deals that appear too good to be true and they usually are. A 15 year fixed rate mortgage means the interest rate remains stable for the life of the loan. There are no hidden costs involved with this type of plan which is great for many people that want a regular monthly payment. My wife and I looked into the loans available with 15 year fixed mortgage rates when we were searching for a home for sale.

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Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. This meant we had to consider 30 year fixed rate mortgage plans as well as those of 15 years. 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. It wasn’t easy for us because of the stress to pay the house off early.

It took some time but we finally chose to go ahead with the 30 year mortgage plan. Many factors were taken into account when reaching this decision. The main reason was that I found out my wife was pregnant. Because she wanted to be at home for our child, her income would not only be uncertain but also irregular. The financial commitment per month on the 15 year fixed mortgage rate was just too high. We knew that it just wasn’t an option and the risk was too great. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

Being able to make additional lump sum payments during the year means the outstanding loan reduces faster. By doing this you can also reduce the term of the mortgage by quite a few years. This takes some discipline but it is well worth the effort it in the long term. Our desire for a 15 year fixed rate mortgage was second place to our more immediate needs. In retrospect, everything worked out ok for us by going down this road.

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