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. Paying the mortgage off early is important for many people that buy a home later in life. In a situation as important as this time needs to be spent considering all the available options. 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. A fixed rate mortgage maintains a set interest rate during the period of the loan. This is of great benefit for anyone that does not like surprises. My wife and I had already decided to research long term fixed mortgage rates 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 did not want high, unrealistic monthly payments which we would have trouble maintaining. As well as thinking about loans of 15 years, we also considered fixed rate mortgages that lasted 30 years as well. 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. 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. Reaching the decision we did was the only one that made sense. The most important point was the fact I discovered my wife was having a baby. My wife decided she wanted to raise our child at home so I could not be certain of her monthly financial commitment to our household expenses. Loans that were based on 15 year fixed mortgage rates required a much higher monthly payment. We knew that it just was not an option and the risk was too great. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

Being able to make additional lump sum payments during the year means the outstanding loan reduces faster. If you make a handful of extra payments throughout a twelve month period you can knock years off of your loan. This takes some discipline but it is well worth the effort it in the long term. Our first choice would have been to go for the short term 15 year fixed rate mortgage solution but this did not help with our more immediate situation. In retrospect, everything worked out ok for us by going down this road.

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