For many home buyers, the only real decision they have to make is whether to have a 15 or 30 year fixed mortgage rate? With the number of people buying a home when they are older, on the increase, clearing the mortgage debt early is important. 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.

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. 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.

It was always our intention to clear our mortgage debt as early as we could but we did not want to over extend ourselves at the same time. 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. 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. The problem we could see was the increased financial commitment on a monthly basis if we had opted for the 15 year fixed mortgage rate. We could see the financial problem of getting in too deep even though there were benefits to a shorter loan period. 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. My making just a few of these payments each year we discovered that a number of years could be taken off the mortgage term. This takes some discipline but it is well worth the effort it in the long term. 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. Despite all our worries, things turned out well for us and we do not regret the decision.

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