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. No-one wants a mortgage hanging around their neck forever but with home buyers entering the market later, an early repayment of this loan is important. 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. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. If you are someone that wants a loan with a regular fixed repayment and no additional charges then this is the main benefit with this type of agreement. 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.

It was always our intention to clear our mortgage debt as early as we could but we did not want to over extend ourselves at the same time. So in consideration of this point we also looked at longer, 30 year fixed rate mortgages 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. Too much pressure was placed on the early repayment of the mortgage loan.

It took some time but we finally chose to go ahead with the 30 year mortgage plan. There were many things that lead us into making this choice. The main reason was that I found out my wife was pregnant. As she intended to raise our child at home we could not rely on her financial income to the monthly expenditure. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. We could see the financial problem of getting in too deep even though there were benefits to a shorter loan period. The 30 year loan repayments were considerably lower than the 15 year figures.

During the year we can make additional payments which helps to reduce the amount owed. By doing this you can also reduce the term of the mortgage by quite a few years. This may be difficult but well worth the effort in the a few years down the line. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan. Despite all our worries, things turned out well for us and we do not regret the decision.

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