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How to Pay of a 15 Year Mortgage Early and Fast!

by: JohnBottel
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When considering their monthly repayments, many people considering buying a home look into 30 year or 15 year fixed mortgage rates. 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. It may take some time to reach a decision as there are many things to contemplate. Ensuring the repayment remains the same throughout the mortgage term is very important.

It is always wise to avoid agreements that do not appear to have any negative aspects because they invariably have but are hidden. Interest rates should 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. 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. So in consideration of this point we also looked at longer, 30 year fixed rate mortgages as well.

The problem was that we were not very happy about having a mortgage close to when we both retired so it was our hope a 15 year fixed mortgage rate would still be available to us. It was not easy for us because of the stress to pay the house off early.

Taking everything into account we finally went for the easier 30 year mortgage plan instead. Many factors were taken into account when reaching this decision. The main reason was that I found out my wife was pregnant.

My wife decided she wanted to raise our child at home so I could not be certain of her monthly financial commitment to our household expenses. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. We just decided we would probably get into trouble if we took this route. A thirty year loan brought the monthly payments down to a reasonable level.

If we have spare cash throughout the year then we can use it to reduce the capital sum. By doing this you can also reduce the term of the mortgage by quite a few years. This is well worth it in the long term but it does require some discipline. 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. As it is, things worked out very well for us by taking this route.

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How to Pay of a 15 Year Mortgage Early and Fast!

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