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. 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. A homeowner should pursue, wherever possible, a mortgage with a guaranteed interest rate.

Avoid the mortgage loans offered by some lenders, those that sound unbelievable because they usually are. A fixed rate mortgage maintains a set interest rate during the period of the loan. This is always a good thing for those people that do not like surprises. When we were looking to buy a home, my wife and I decided to go for a loan with a 15 year fixed mortgage rate.

The plan was to pay off the house as soon as possible but we did not want to be burdened with high monthly payments. When we considered fixed rate mortgages we also looked into even longer term loans that spanned 30 years as well. Because we did not want to have a mortgage close to retirement, we hoped we would be able to afford a shorter 15 year fixed rate mortgage. It was not easy for us because of the stress to pay the house off early.

After careful consideration we decided to take the longer term 30 year repayment option instead of the 15 year plan. There were many things that factored into this decision. The main reason was that I found out my wife was pregnant. The contribution my wife made to the monthly finances would be unreliable since she intended to raise our child at home. The financial commitment per month on the 15 year fixed mortgage rate was just too high. We just decided we would probably get into trouble if we took this route. The monthly payments on a 30 year loan were quite a bit lower.

We are also able to make extra payments throughout the year to make the principal shrink quicker. My making just a few of these payments each year we discovered that a number of years could be taken off the mortgage term. It may be easier said than done, but this approach does pay off eventually. We would have much preferred to have taken out a loan with a 15 year fixed mortgage rate but we had to consider our other commitments as well. Things worked out well anyway, even though we were unsure about it to start with.

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