There is always a debate when home buyers have to decide on the merits of 15 or 30 year fixed mortgage rates. With the number of people buying a home when they are older, on the increase, clearing the mortgage debt early is important. Decisions of this nature need careful consideration before any commitment is made. Home buyers looking into this need to be assured their monthly payments will not increase.

Avoid the mortgage loans offered by some lenders, those 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 agreement. 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.

The plan was to pay off the house as soon as possible but we did not want to be burdened with high monthly payments. When we considered fixed rate mortgages we also looked into even longer term loans that spanned 30 years 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.

Eventually we decided on a 30 year loan after looking at all the other possibilities. Although a number of things had to be pondered over, eventually the choice was made for us. The main reason was that I found out my wife was pregnant. Because she wanted to be at home for our child, her income would not only be uncertain but also irregular. 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. After looking at the much lower amount we would be paying per month with a 30 year mortgage loan, there was not any option but to go with it.

We are also able to make extra payments throughout the year to make the principal shrink quicker. It is possible to take years off your loan if you can make a few extra payments during each year. This takes some discipline but it is well worth the effort it in the long term. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan. As it is, things worked out very well for us by taking this route.

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