When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. Of course the goal for most people with a mortgage is to pay it off early and save themselves a great deal of money in interest repayments. Of course, there are many things to consider before agreeing to anything. It is important to make sure that the interest rate does not change over the course of the loan.

If you are offered a deal that appears to be too good to be true than it probably is. A fixed rate mortgage maintains a set interest rate during the period of the loan. For many people with regular incomes, this is a definite benefit as there are no hidden charges. My wife and I looked into the loans available with 15 year fixed mortgage rates when we were searching for a home for sale.

Our aim was to pay of the mortgage as soon as we could without getting into trouble 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. Too much pressure was placed on the early repayment of the mortgage loan.

Taking everything into account we finally went for the easier 30 year mortgage plan instead. There were many things that factored into this decision. It was easier reaching this conclusion when I learnt my wife was expecting a baby. The contribution my wife made to the monthly finances would be unreliable since she intended to raise our child at home. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. 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.

During the year we can make additional payments which helps to reduce the amount owed. We also found that we were reducing the number of years left on the mortgage by making these payments. Although this is not easy to achieve, in the long term it is well worth it. 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. All things considered, it all worked out for the best in the end.

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