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. 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.

It is important to remember that you want to make sure that the interest rate doesn’t change over the course of the loan. Many lenders offer deals that are too good to be true. The interest rate remains the same for fixed rate mortgages over the life of the loan. There are no hidden surprises which is great for many people that want a regular monthly payment. Both my husband and I decided to research fixed rate mortgages when we started looking at homes for sale.

Even though it was important for us to pay off our loan at the earliest possible opportunity, we didn’t want high, unrealistic monthly payments which we would have trouble maintaining. 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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Still, having a mortgage close to retirement wasn’t what we were looking for, so we hoped we would be able to get a loan with a 15 year fixed mortgage. It wasn’t easy for us because of the pressure to pay the house off early. It took some time but we finally decided to go ahead with the 30 year mortgage plan.

We found it easier reaching this conclusion when I learnt I was expecting a baby. I was going to raise our child from home so my contribution to the monthly income would be unreliable. 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. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

If we have spare cash throughout the year then we can use it to reduce the capital sum. My making just a few of these payments each year we discovered that year’s could be taken off the mortgage term. This is well worth it in the long term but it does require some discipline. Our desire for a 15 year fixed rate mortgage came second place to our more immediate needs.

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

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