For many home buyers, the only real decision they have to make is whether to have a 15 or 30 year fixed mortgage rate? Buying a home later in life means that many people want to have the mortgage paid off early. But, before you commit yourself and sign any documents, there are points you need to think about. One point to remember is ensuring that your monthly mortgage repayment remains the same throughout the entire period of the loan.

It seems that some lenders are happy to offer deals that appear too good to be true and they usually are. A 15 year fixed rate mortgage means the interest rate remains stable for the life of the loan. For many people with regular incomes, this is a definite benefit as there are no hidden charges. My wife and I looked into the loans available with 15 year fixed mortgage rates when we were searching for a home for sale.

Our aim was to pay of the mortgage as soon as we could without getting into trouble with high monthly payments. When we considered fixed rate mortgages we also looked into even longer term loans that spanned 30 years as well. We did not really like the prospect of having a mortgage as we approached retirement so were really hoping to get one of the loans with 15 year fixed mortgage rates. We felt that there was a great deal of emphasis on paying the mortgage off early.

We thought about it long and hard and despite the pressure we decided to go with the 30 year loan plan. There were many things that factored into this decision. It was easier reaching this conclusion when I learnt my wife was expecting a baby. As she intended to raise our child at home we could not rely on her financial income to the monthly expenditure. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. We knew that it just was not an option and the risk was too great. After looking at the much lower amount we would be paying per month with a 30 year mortgage loan, there was not any option but to go with it.

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. It may be easier said than done, but this approach does pay off eventually. Although we would have much preferred a loan with a 15 year fixed mortgage rate we had to take our needs and abilities into consideration. In retrospect, everything worked out ok for us by going down this road.

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