The question of which is preferable: the 15 or 30 year fixed mortgage rate is one that home buyers are always unsure about. 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. It is always a good idea to confirm that the interest rate does not alter during the term of the mortgage.

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 remain the same throughout the life of the loan for 15 year fixed rate mortgages. For many people with regular incomes, this is a definite benefit as there are no hidden charges. 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. Considering longer term fixed rate mortgages was one option if we could not afford a 15 year plan. Because we did not want to have a mortgage close to retirement, we hoped we would be able to afford a shorter 15 year fixed rate mortgage. There was a lot of pressure to have the house paid off as soon as possible.

After taking everything into consideration we decided on a 30 year loan instead. Many factors were taken into account when reaching this decision. It was easier reaching this conclusion when I learnt my wife was expecting a baby. Because she wanted to be at home for our child, her income would not only be uncertain but also irregular. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. We could see the financial problem of getting in too deep even though there were benefits to a shorter loan period. The 30 year loan repayments were considerably lower than the 15 year figures.

Making a few additional lump sum payments during the year helps bring down the amount owed. We also found that we were reducing the number of years left on the mortgage by making these payments. This is well worth it in the long term but it does require some discipline. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan. Anyway, everything worked out fine despite our hesitancy.

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