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. Early completion of a mortgage is important for those of use that leave buying a home until later in life. Before signing and documents, there are always many points to think about.

Over the course of the loan, it’s important to remember to make sure the interest rate doesn’t change. 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 loan agreement. For many people with regular incomes, this sis a definite benefit as there are no hidden charges. We had already decided to research long term fixed mortgage rates when we started looking at homes for sale.

It was always our intention to pay off our mortgage as early as possible but we didn’t want to over extend ourselves at the same time. So in consideration of this point we also looked at longer, 30 year fixed mortgage rates as well.

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The problem was that we weren’t very happy about having a mortgage close to when we both retired and hoped that a 15 year fixed mortgage rate would still be available to us. There was a lot of pressure to have the house paid off as soon as possible. It took some time but we finally decided to go ahead with the 30 year mortgage plan.

Although many things were taken into account when reaching this decision, the main one was that I found out I was having a baby. My regular monthly income would become unreliable because I wanted to be at home raising our child. Loans that had 15 year fixed mortgage rates required a higher monthly payment. We just decided we would probably get into trouble if we took this route. After looking at the much lower amount we would be paying per month with a 30 year mortgage loan, there wasn’t any option but to go with it.

Making a few additional lump sum payments during the year helps bring down the amount owed. Those few extra payments also help reduce the number of years you have to pay the loan over. It may be easier said than done, but does pay off eventually. Although we would have preferred the loans with 15 year fixed mortgage rates we had to take our needs and abilities into consideration.

All things considered, it all worked out for the best.

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