The question of which is preferable: the 15 or 30 year fixed mortgage rate is one that home buyers are always unsure about. Most people that buy a home later in life want to have the mortgage paid off as soon as possible. It may take some time to reach a decision as there are many things to contemplate. Over the period of the loan, it is important to remember to make sure the interest rate remains the same.

If you are offered a deal that appears to be too good to be true than it probably is. The interest rate should remain the same for fixed rate mortgages until the loan is repaid. For those individuals that do not like hidden surprises, this is always a benefit. 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.

Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. 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. There was obviously very good reasons to finish paying the loan off early.

After careful consideration we decided to take the longer term 30 year repayment option instead of the 15 year plan. Many factors were taken into account when reaching this decision. Finding out my wife was having a baby made making the choice so much easier! Her regular monthly income would become unreliable because she wanted to be at home raising our child. The financial commitment per month on the 15 year fixed mortgage rate was just too high. We just simply did not want to get in over our heads with a higher monthly payment. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. If you make a handful of extra payments throughout a twelve month period you can knock years off of your loan. It may be easier said than done, but this approach does pay off eventually. Although we would have much preferred a loan with a 15 year fixed mortgage rate we had to take our needs and abilities into consideration. In retrospect, everything worked out ok for us by going down this road.

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