It is quite normal for potential home buyers to look into 30 year or 15 year fixed mortgage rates when considering their monthly repayments. Early completion of a mortgage is important for those of use that leave buying a home until later in life. However, before you rush in and sign any papers, there are points to contemplate. One important point is to ensure that the interest rate does not change during the life of the loan.

Avoid the mortgage loans offered by some lenders, those that sound unbelievable because they usually are. 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 unexpected amounts to pay. My wife and I had already decided to research long term fixed mortgage rates 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. This meant we had to consider 30 year fixed rate mortgage plans as well as those of 15 years. 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.

Taking everything into account we finally went for the easier 30 year mortgage plan instead. There were many things that lead us into making this choice. Discovering my wife was having a baby was the most important reason. The contribution my wife made to the monthly finances would be unreliable since she intended to raise our child at home. The financial commitment per month on the 15 year fixed mortgage rate was just too high. We could see the financial problem of getting in too deep even though there were benefits to a shorter loan period. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

During the year we can make additional payments which helps to reduce the amount owed. My making just a few of these payments each year we discovered that a number of years could be taken off the mortgage term. This may be difficult but well worth the effort in the a few years down the line. Our desire for a 15 year fixed rate mortgage was second place to our more immediate needs. In retrospect, everything worked out ok for us by going down this road.

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