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. Many people wait until they are older before taking on the responsibility of a mortgage so an early payment of this large debt is an important issue to think about. Take some time to think about everything carefully before any agreement is signed. Probably the most important point is a guarantee of a constant interest rate for the duration of the loan.

It is always wise to avoid agreements that do not appear to have any negative aspects because they invariably have but are hidden. A 15 year fixed rate mortgage means the interest rate remains stable for the life of the loan. The greatest benefit with this type of agreement is that there are no sudden unexpected amounts to pay. 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.

Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. It became obvious that we had to look at fixed rate mortgages over a longer period and not just 15 year plans. We did not really like the prospect of having a mortgage as we approached retirement so were really hoping to get one of the loans with 15 year fixed mortgage rates. We were worried about the emphasis placed on early completion of the mortgage.

After taking everything into consideration we decided on a 30 year loan instead. There were many things that factored into this decision. The main reason was that I found out my wife was pregnant. My wife was going to raise our child from home so her addition to the monthly income would be restricted. The problem we could see was the increased financial commitment on a monthly basis if we had opted for the 15 year fixed mortgage rate. All things considered, we just did not want to bite off more than we could chew. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. By doing this you can also reduce the term of the mortgage by quite a few years. This takes some discipline but it is well worth the effort it in the long term. 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. All things considered, it all worked out for the best in the end.

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