Many couples buying a home are face with the question of whether to opt for a 15 or 30 year fixed lowest mortgage rate. No-one wants a mortgage hanging around their neck forever but with home buyers entering the market later, an early repayment of this loan is important. Although before signing any documents, there are many things to consider. One important point is to ensure that the interest rate doesn't change during the life of the loan.

Avoid the mortgage loans offered by some lenders, those that sound unbelievable because they usually are. A 15 year fixed rate mortgage means the interest rate remains stable for the life of the loan. There are no hidden costs involved with this type of plan which is great for many people that want a regular monthly payment. When we were looking to buy a home, my wife and I decided to go for a loan with a 15 year fixed mortgage rate.

Our aim was to pay of the mortgage as soon as we could without getting into trouble with high monthly payments. Considering longer term fixed rate mortgages was one option if we could not afford a 15 year plan. Because we didn't still want to have a mortgage close to retirement, we hoped we would be able to afford a shorter 15 year fixed rate mortgage. There was obviously very good reasons to finish paying the loan off early.