When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. 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.

One point to remember, is ensuring that your monthly mortgage repayment remains the same throughout the period of the loan. If you are offered a deal that appears to be too good to be true than it probably is. A 15 year fixed rate mortgage means the interest rate remains fixed for the life of the loan. For those of us that don’t like hidden surprises, this is always a good thing. Both my husband and I decided to research fixed rate mortgages when we started looking at homes for sale.

Our aim was to pay of the mortgage as soon as we could without getting into trouble with high monthly payments. 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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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 pressure to pay the house off early. Taking everything into account we finally went for the easier 30 year mortgage plan instead.

We found it easier reaching this conclusion when I learnt I was expecting a baby. I decided I wanted to raise my child at home so I couldn’t be certain of my monthly financial contribution to our household expenses. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. We knew that it just wasn’t an option and the risk was too great. The monthly payments on a 30 year loan were quite a bit lower.

If we have spare cash throughout the year then we can use it to reduce the capital sum. Those few extra payments also help reduce the number of years you have to pay the loan over. In the long term, this is a strategy well worth pursuing. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan.

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

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