Many couples buying a home are face with the question of whether to opt for a 15 or 30 year fixed mortgage rate. Buying a home later in life means that many people want to have the mortgage paid off early. There are always things to take into account before signing documents. Over the period of the loan, it is important to remember to make sure the interest rate remains the same.

It seems that some lenders are happy to offer deals that appear too good to be true and they usually 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 always a good thing for those people that do not like surprises. My wife and I had already decided to research long term fixed mortgage rates when we started looking at homes for sale.

Even though it was important for us to pay off our loan at the earliest possible opportunity, we did not want high, unrealistic monthly payments which we would have trouble maintaining. This meant we had to consider 30 year fixed rate mortgage plans as well as those of 15 years. The 15 year fixed mortgage rate was the plan we really wanted because neither of us wanted to be still paying a mortgage when we close to retiring. It was not easy for us because of the stress to pay the house off early.

We thought about it long and hard and despite the pressure we decided to go with the 30 year loan plan. Reaching the decision we did was the only one that made sense. Discovering my wife was having a baby was the most important reason. My wife was going to raise our child from home so her addition to the monthly income would be restricted. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. All things considered, we just did not want to bite off more than we could chew. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

We are also able to make extra payments throughout the year to make the principal shrink quicker. It is possible to take years off your loan if you can make a few extra payments during each year. This may be difficult but well worth the effort in the a few years down the line. Our desire for a 15 year fixed rate mortgage was second place to our more immediate needs. Anyway, everything worked out fine despite our hesitancy.

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