When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. Early completion of a mortgage is important for those of use that leave buying a home until later in life. Although before signing any documents, there are many things to 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. Many lenders offer deals that are too good to be true. The interest rate remains the same for fixed rate mortgages over the life of the loan. For many people with regular incomes, this sis a definite benefit as there are no hidden charges. Both my husband and I decided to research fixed rate mortgages 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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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. It wasn’t easy for us because of the pressure to pay the house 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. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. We could see the financial problem of getting in too deep. After looking at the much lower amount we would be paying per month with a 30 year mortgage loan, there wasn’t any option but to go with it.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. To our surprise we also discovered that we could knock years off our loan by doing this. Although this isn’t easy to achieve, in the long term it is well worth it. 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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