The monthly payments for 30 year or 15 year fixed mortgages are the main considerations for many people who are looking to buy a home. Many people wait until they are older before taking on the responsibility of a mortgage so an early payment of this large debt is an important issue to think about. Take some time to think about everything carefully before any agreement is signed. Probably the most important point is a guarantee of a constant interest rate for the duration of the loan.

Steer clear of lenders that are offering unbelievable deals because they probably are. A 15 year fixed rate mortgage means the interest rate remains stable for the life of the loan. This is always a good thing for those people that do not like surprises. My wife and I looked into the loans available with 15 year fixed mortgage rates when we were searching for a home for sale.

Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. 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. There was a lot of pressure to have the house paid off as soon as possible.

It took some time but we finally chose to go ahead with the 30 year mortgage plan. There were many things that factored into this decision. Probably the over-riding decider was the fact my wife was expecting a child. 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. For us it just was not feasible as we would just be in over our heads. The 30 year loan repayments were considerably lower than the 15 year figures.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. Those few extra payments also help reduce the number of years you have to pay the loan over. This may be difficult but well worth the effort in the a few years down the line. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan. Despite all our worries, things turned out well for us and we do not regret the decision.

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