Many couples buying a home are face with the question of whether to opt for a 15 or 30 year fixed mortgage rate. Paying the mortgage off early is important for many people that buy a home later in life. Decisions of this nature need careful consideration before any commitment is made. A homeowner should pursue, wherever possible, a mortgage with a guaranteed interest rate.

Steer clear of lenders that are offering unbelievable deals because they probably are. For loans that have 15 year fixed mortgage rates, the same amount of interest is maintained throughout the life of the loan. This is of great benefit for anyone that does not like surprises. My wife and I looked into the loans available with 15 year fixed mortgage rates when we were searching for a home for sale.

Although paying off the mortgage was our main priority, we did not want to have monthly payments that were uncomfortably high. When we considered fixed rate mortgages we also looked into even longer term loans that spanned 30 years as well. 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. It was not easy for us because of the stress to pay the house off early.

It took some time but we finally chose to go ahead with the 30 year mortgage plan. There were many things that factored into this decision. Probably the over-riding decider was the fact my wife was expecting a child. 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. Unfortunately, a higher monthly payment was the downside for loans with a 15 year fixed mortgage rate. We just simply did not want to get in over our heads with a higher monthly payment. A thirty year loan brought the monthly payments down to a reasonable level.

If we have spare cash throughout the year then we can use it to reduce the capital sum. Those few extra payments also help reduce the number of years you have to pay the loan over. Although this is not easy to achieve, in the long term it is well worth it. We would have much preferred to have taken out a loan with a 15 year fixed mortgage rate but we had to consider our other commitments as well. Anyway, everything worked out fine despite our hesitancy.

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