When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. Early completion of a mortgage is important for those of use that leave buying a home until later in life. In a situation as important as this time needs to be spent considering all the available options. Ensuring the repayment remains the same throughout the mortgage term is very important.

Steer clear of lenders that are offering unbelievable deals because they probably are. The interest rate should remain the same for fixed rate mortgages until the loan is repaid. There are no hidden costs involved with this type of plan which is great for many people that want a regular monthly payment. My wife and I had already decided to research long term fixed mortgage rates when we started looking at homes 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. Considering longer term fixed rate mortgages was one option if we could not afford a 15 year plan. The 15 year fixed mortgage rate was the plan we really wanted because neither of us wanted to be still paying a mortgage when we close to retiring. It was not easy for us because of the stress to pay the house off early.

After careful consideration we decided to take the longer term 30 year repayment option instead of the 15 year plan. There were many things that factored into this decision. Probably the over-riding decider was the fact my wife was expecting a child. My wife was going to raise our child from home so her addition to the monthly income would be restricted. 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. We found that the monthly repayments on a 30 year loan were more manageable.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum 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. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan. As it is, things worked out very well for us by taking this route.

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