Many couples buying a home are face with the question of whether to opt for a 15 or 30 year fixed mortgage rate. 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. In a situation as important as this time needs to be spent considering all the available options. A homeowner should pursue, wherever possible, a mortgage with a guaranteed interest rate.

It is not uncommon to see lenders offering deals that are too good to be true. A fixed rate mortgage maintains a set interest rate during the period of the loan. For many people with regular incomes, this is a definite benefit as there are no hidden charges. Both my wife and I decided to research fixed rate mortgages when we started looking at homes for sale.

Our aim was to pay of the mortgage as soon as we could without getting into trouble with high monthly payments. When we considered fixed rate mortgages we also looked into even longer term loans that spanned 30 years as well. Still, having a mortgage close to retirement was not what we were looking for, so we decided to try for a loan with a 15 year fixed mortgage. Too much pressure was placed on the early repayment of the mortgage loan.

After taking everything into consideration we decided on a 30 year loan instead. There were many things that lead us into making this choice. The most important point was the fact I discovered my wife was having a baby. 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 problem we could see was the increased financial commitment on a monthly basis if we had opted for the 15 year fixed mortgage rate. For us it just was not feasible as we would just be in over our heads. The monthly payments on a 30 year loan were quite a bit lower.

If we have spare cash throughout the year then we can use it to reduce the capital sum. My making just a few of these payments each year we discovered that a number of years could be taken off the mortgage term. Although this is not easy to achieve, in the long term it is well worth it. 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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