The question of which is preferable: the 15 or 30 year fixed mortgage rate is one that home buyers are always unsure about. A large number of people nowadays have decided to wait and are buying homes later but they also want to pay off their mortgage early. However, before you rush in and sign any papers, there are points to contemplate. It is always a good idea to confirm that the interest rate does not alter during the term of the mortgage.

It is not uncommon to see lenders offering deals that are too good to be true. Loans agreed with a 15 year fixed mortgage keep the same interest rate throughout the entire life of the agreement. This is of great benefit for anyone that does not like surprises. 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.

Current Fixed Home Mortgage Rates...

Although paying off the mortgage was our main priority, we did not want to have monthly payments that were uncomfortably high. Considering longer term fixed rate mortgages was one option if we could not afford a 15 year plan. Still, having a mortgage close to retirement wasn’t what we were looking for, so we decided to try for a loan with a 15 year fixed mortgage. There was a lot of pressure to have the house paid off as soon as possible.

It took some time but we finally chose to go ahead with the 30 year mortgage plan. 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! As she intended to raise our child at home we couldn’t rely on her financial income to the monthly expenditure. 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. For us it just wasn’t feasible as we would just be in over our heads. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. My making just a few of these payments each year we discovered that a number of years could be taken off the mortgage term. Although this isn’t easy to achieve, in the long term it is well worth it. 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. Despite all our worries, things turned out well for us and we do not regret the decision.

Current Fixed Home Mortgage Rates

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