It is quite normal for potential home buyers to look into 30 year or 15 year fixed mortgage rates when considering their monthly repayments. Paying the mortgage off early is important for many people that buy a home later in life. There are always things to take into account before signing documents.

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. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. If you are someone that wants a loan with a regular fixed repayment and no surprises then this is the main benefit with this type of agreement. 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.

We wanted to pay off the house as soon as possible but we didn’t want to get in over our heads with high monthly payments. So in consideration of this point we also looked at longer, 30 year fixed mortgage rates 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. However, after taking everything into consideration we chose a 30 year loan instead.

Discovering I was having a baby was the clincher, although this wasn’t the only reason we reached this decision. I was going to raise our child from home so my contribution to the monthly income would be unreliable. Unfortunately, a higher monthly payment was the downside of loans with a 15 year fixed mortgage rate. We knew that it just wasn’t an option and the risk was too great. The monthly payments on a 30 year loan were quite a bit lower.

During the year we can make additional payments which helps to reduce the amount owed. To our surprise we also discovered that we could knock years off our loan by doing this. Difficult this may be, but well worth the effort in the long run. It was hard going against our preference for a shorter term fixed rate mortgage but we had to think about more immediate needs and abilities.

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

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