The monthly repayments for 30 year or 15 year fixed mortgage are just one important consideration 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. There are always things to take into account before signing documents.

Over the course of the loan, it’s important to remember to make sure the interest rate doesn’t change. Steer clear of lenders that are offering unbelievable deals because they probably are. Loans agreed with a 15 year fixed mortgage keep the same interest rate throughout the entire life of the loan agreement. If you are someone that wants a loan with a regular fixed repayment and no surprises then this is the main benefit with this type of agreement. When my husband and I were looking at homes for sale we decided to look into the various loans available with 15 year fixed mortgage rates.

Our aim was to pay of the mortgage as soon as we could without getting into trouble with high monthly payments. It became obvious that we had to look at fixed rate mortgages over a longer period and not just 15 year fixed rate plans.

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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. There was obviously very good reasons to finish paying the loan off early. Taking everything into account we finally went for the easier 30 year mortgage plan 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. My contribution to the monthly finances was unreliable since I was going to raise our child at home. Loans that had 15 year fixed mortgage rates required a higher monthly payment. We just decided we would probably get into trouble if we took this route. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

Making a few additional lump sum payments during the year helps bring down the amount owed. By doing this you can also reduce the term of the mortgage by years. It may be easier said than done, but does pay off eventually. 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.

As it is things worked out very well.

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