Considering whether you need a 30 or 15 year fixed mortgage rate is important for people looking to buy a home and concerned about their monthly payments. Most people that buy a home later in life want to have the mortgage paid off as soon as possible. However, before you rush in and sign any papers there are points to consider.

One point to remember, is ensuring that your monthly mortgage repayment remains the same throughout the period of the loan. Avoid the mortgage loans offered by some lenders, the one that sound unbelievable because they usually are. A fixed rate mortgage maintains a set interest rate during the life of the loan. This is beneficial for any of us who don’t like surprises. Both my husband and I decided to research fixed rate mortgages 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. In addition to considering loans with 15 year fixed mortgage rates we also looked into loans that spanned 30 years 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 obviously very good reasons to finish paying the loan off early. Taking everything into account we finally went for the easier 30 year mortgage plan instead.

Discovering I was having a baby was the clincher, although this wasn’t the only reason we reached this decision. My contribution to the monthly finances was unreliable since I was going to raise our child at home. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. All things considered, we just didn’t want to bite off more than we could chew. 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. It may be easier said than done, but does pay off eventually. Our first choice would have been to go for the short term fixed rate mortgage solution but this did not help with our more immediate situation.

As it is things worked out very well.

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