Many couples buying a home are face with the question of whether to opt for a 15 or 30 year fixed mortgage rate. Early completion of a mortgage is important for those of use that leave buying a home until later in life. Take some time to think about everything carefully before any agreement is signed. A homeowner should pursue, wherever possible, a mortgage with a guaranteed interest rate.

It seems that some lenders are happy to offer deals that appear too good to be true and they usually are. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. The greatest benefit with this type of agreement is that there are no sudden unexpected amounts to pay. 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. 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. There was obviously very good reasons to finish paying the loan off early.

After taking everything into consideration we decided on a 30 year loan instead. There were many things that factored into this decision. 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. Loans that were based on 15 year fixed mortgage rates required a much higher monthly payment. All things considered, we just did not want to bite off more than we could chew. 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.

During the year we can make additional payments which helps to reduce the amount owed. My making just a few of these payments each year we discovered that a number of years could be taken off the mortgage term. In the long term, this is a strategy well worth pursuing if you are able. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan. All things considered, it all worked out for the best in the end.

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