When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. Paying the mortgage off early is important for many people that buy a home later in life. However, before you rush in and sign any papers there are points to consider.

One point to remember, is ensuring that your monthly mortgage repayment remains the same throughout the period of the loan. Avoid the mortgage loans offered by some lenders, the one that sound unbelievable because they usually are. Loans agreed with a 15 year fixed mortgage keep the same interest rate throughout the entire life of the loan agreement. If you are someone that wants a loan with a regular fixed repayment and no surprises then this is the main benefit with this type of agreement. My husband and I looked into the loans available with 15 year fixed mortgage rates when we were looking at home for sale.

Our aim was to pay of the mortgage as soon as we could without getting into trouble with high monthly payments. Considering longer term mortgages was one option if we could not afford a 15 year plan.

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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. There was a lot of pressure to have the house paid off as soon as possible. Taking everything into account we finally went for the easier 30 year mortgage plan instead.

After finding out I was having a baby, reaching the decision we did was the only one that made sense. I decided I wanted to raise my child at home so I couldn’t be certain of my monthly financial contribution to our household expenses. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. We could see the financial problem of getting in too deep. A thirty year loan brought the monthly payments down quite a bit.

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 years. This takes some discipline but it is well worth it in the long run. Although we would have preferred the loans with 15 year fixed mortgage rates we had to take our needs and abilities into consideration.

Despite all our worries, things turned out well for us in the end.

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