Many people who are looking to buy a home consider whether they need 30 year or 15 year fixed mortgage rates for their monthly payments. Early completion of a mortgage is important for those of use that leave buying a home until later in life. Of course, there are many things to consider before signing any papers.

It is always a good idea to confirm that the interest rate does not alter during the term of the mortgage. It seems that some lenders are happy to offer deals that appear too good to be true and they usually are. 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.

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. As well as thinking about loans with 15 year fixed mortgage rates, we also considered loans that lasted 30 years as well.

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The problem was that we weren’t very happy about having a mortgage close to when we both retired and hoped that a 15 year fixed mortgage rate would still be available to us. Too much pressure was placed on paying the mortgage off early. We decided on a 30 year loan after looking at all the other possibilities.

We found it easier reaching this conclusion when I learnt I was expecting a baby. I was going to raise our child from home so my contribution to the monthly income would be unreliable. The problem we could see was the increased financial commitment on a monthly basis if we had opted for the 15 year fixed mortgage rate. We could see the financial problem of getting in too deep. A thirty year loan brought the monthly payments down quite a bit.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. It is possible to take years off your loan if you can make a few extra payments during each year. This is well worth it in the long term but it does require some discipline. 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.

Despite all our worries, things turned out well for us in the end.

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