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. Buying a home later in life means that many people want to have the mortgage paid off early. Of course, there are many things to consider before signing any papers.

One point to remember, is ensuring that your monthly mortgage repayment remains the same throughout the period of the loan. Many lenders offer deals that are too good to be true. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. The greatest benefit with this type of agreement is that there are no sudden surprises. 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. 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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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. We felt that there was a great deal of pressure to pay the mortgage off early. After careful consideration we decided to take the longer term 30 year repayment option instead of the 15 year plan.

After finding out I was having a baby, reaching the decision we did was the only one that made sense. Because I wanted to be at home for our child, my financial income would be uncertain and not regular. 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. For us it just wasn’t feasible as we would just be in over our heads. 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.

Being able to make additional lump sum payments during the year means the outstanding loan reduces faster. We also found that we were reducing the number of years left on the mortgage by making these payments. This takes some discipline but it is well worth it in the long run. We would have much preferred to have taken out a loan with a 15 year fixed mortgage rate but we had to consider our other commitments as well.

But in retrospect, everything worked out ok in the end.

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