When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. With the number of people buying a home when they are older, on the increase, clearing the mortgage debt early is important. Take some time to think about everything carefully before any agreement is signed. Home buyers looking into this need to be assured their monthly payments will not increase.

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 agreement. If you are someone that wants a loan with a regular fixed repayment and no additional charges then this is the main benefit with this type of agreement. When my wife and I were looking at homes for sale we decided to check out the various loans available with 15 year fixed mortgage rates.

Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. As well as thinking about loans of 15 years, we also considered fixed rate mortgages that lasted 30 years as well. 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. We felt that there was a great deal of emphasis on paying the mortgage off early.

It took some time but we finally chose to go ahead with the 30 year mortgage plan. There were many things that lead us into making this choice. It was easier reaching this conclusion when I learnt my wife was expecting a baby. Because she wanted to be at home for our child, her income would not only be uncertain but also irregular. 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 even though there were benefits to a shorter loan period. A thirty year loan brought the monthly payments down to a reasonable level.

During the year we can make additional payments which helps to reduce the amount owed. To our surprise we also discovered that we could knock years off our loan by doing this. Although this is not easy to achieve, in the long term it is well worth it. Our desire for a 15 year fixed rate mortgage was second place to our more immediate needs. Despite all our worries, things turned out well for us and we do not regret the decision.

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