For many home buyers, the only real decision they have to make is whether to have a 15 or 30 year fixed mortgage rate? Of course the goal for most people with a mortgage is to pay it off early and save themselves a great deal of money in interest repayments. Of course, there are many things to consider before agreeing to anything. It is important to make sure that the interest rate does not change over the course of the loan.

Steer clear of lenders that are offering unbelievable deals because they probably are. A fixed rate mortgage maintains a set interest rate during the period of the loan. This is of great benefit for anyone that does not like surprises. Both my wife and I decided to research fixed rate mortgages when we started looking at homes for sale.

Although paying off the mortgage was our main priority, we did not want to have monthly payments that were uncomfortably high. 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. 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. 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! My wife was going to raise our child from home so her addition to the monthly income would be restricted. Unfortunately, a higher monthly payment was the downside for loans with a 15 year fixed mortgage rate. We just decided we would probably get into trouble if we took this route. The monthly payments on a 30 year loan were quite a bit lower.

During the year we can make additional payments which helps to reduce the amount owed. It is possible to take years off your loan if you can make a few extra payments during each year. In the long term, this is a strategy well worth pursuing if you are able. 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. Things worked out well anyway, even though we were unsure about it to start with.

Learn how YOU can get the Best Mortgage with the lowest rates, even if you have HORRIBLE credit - CLICK HERE!

Technorati Tags: Mortgage Rates Canada Htm, Mortgage Variable Interest Rate Uk, 15 Year Fixed Rate Mortgage In Britain