The monthly repayments for 30 year or 15 year fixed mortgage are just one important consideration for many people who are looking to buy a home. No-one wants a mortgage hanging around their neck forever but with home buyers entering the market later, an early repayment of this loan is important. In a situation as important as this time needs to be spent considering all the available options. A homeowner should pursue, wherever possible, a mortgage with a guaranteed interest rate.

It seems that some lenders are happy to offer deals that appear too good to be true and they usually are. Loans agreed with a 15 year fixed mortgage keep the same interest rate throughout the entire life of the agreement. For many people with regular incomes, this is a definite benefit as there are no hidden charges. When my wife and I were looking at homes for sale we decided to check out 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. 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. Too much pressure was placed on the early repayment of the mortgage loan.

We thought about it long and hard and despite the pressure we decided to go with the 30 year loan plan. Although a number of things had to be pondered over, eventually the choice was made for us. It was easier reaching this conclusion when I learnt my wife was expecting a baby. As she intended to raise our child at home we could not rely on her financial income to the monthly expenditure. 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. After looking at the much lower amount we would be paying per month with a 30 year mortgage loan, there was not any option but to go with it.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. My making just a few of these payments each year we discovered that a number of years could be taken off the mortgage term. Although this is not easy to achieve, in the long term it is well worth it. Our desire for a 15 year fixed rate mortgage was second place to our more immediate needs. Things worked out well anyway, even though we were unsure about it to start with.

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