It is quite normal for potential home buyers to look into 30 year or 15 year fixed mortgage rates when considering their monthly repayments. Most people that buy a home later in life want to have the mortgage paid off as soon as possible. Of course, there are many things to consider before signing any papers.

One important point is to ensure that the interest rate doesn’t change during the life of the loan. This means that they actually are too good to be true. Loans that have 15 year fixed mortgage rates maintain the same amount of interest throughout the life of the loan. There are no hidden surprises which is great for many people that want a regular monthly payment. When my husband and I were looking at homes for sale we decided to look into the various loans available with 15 year fixed mortgage rates.

Although paying off the mortgage was our main priority, we did not want to have monthly payments that were uncomfortably high. As well as thinking about loans with 15 year fixed mortgage rates, we also considered loans that lasted 30 years as well.

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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. We felt that there was a great deal of pressure to pay the mortgage off early. After careful consideration we decided to take the longer term 30 year repayment option instead of the 15 year plan.

After finding out I was having a baby, reaching the decision we did was the only one that made sense. Because I wanted to be at home for our child, my financial income would be uncertain and not regular. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. We could see the financial problem of getting in too deep. 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.

During the year we can make additional payments which helps to reduce the amount owed. We also found that we were reducing the number of years left on the mortgage by making these payments. Difficult this may be, but well worth the effort in the long run. We would have much preferred to have taken out a loan with a 15 year fixed mortgage rate but we had to consider our other commitments as well.

As it is things worked out very well.

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