It is quite normal for potential home buyers to look into 30 year or 15 year fixed mortgage rates when considering their monthly repayments. 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. There are always things to take into account before signing documents. For almost every homeowner, having constant interest rate is critical if they are to meet payments without difficulty.

It is not uncommon to see lenders offering deals that are too good to be true. Loans agreed with a 15 year fixed mortgage keep the same interest rate throughout the entire life of the agreement. For those individuals that do not like hidden surprises, this is always a benefit. My wife and I looked into the loans available with 15 year fixed mortgage rates when we were searching for a home for sale.

Although paying off the mortgage was our main priority, we did not want to have monthly payments that were uncomfortably high. When we considered fixed rate mortgages we also looked into even longer term loans that spanned 30 years as well. 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 felt that there was a great deal of emphasis on paying the mortgage off early.

After taking everything into consideration we decided on a 30 year loan instead. There are always a number of points to think about when a decision like this has to be made. 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. Unfortunately, a higher monthly payment was the downside for loans with a 15 year fixed mortgage rate. We just decided we would probably get into trouble if we took this route. 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. Those few extra payments also help reduce the number of years you have to pay the loan over. It may be easier said than done, but this approach does pay off eventually. 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. Despite all our worries, things turned out well for us and we do not regret the decision.

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