For many couples, whether first time buyers or not, the prime consideration when looking at a fixed rate mortgage is the monthly installmet cost. Currently, many of us are waiting until later in life to purchase a home but still wish to have the house paid back as soon as possible.

Considering whether you need a 30 or 15 year fixed mortgage rate is important for people looking to buy a home and concerned about their monthly payments.

While mortgages are the most common way of buying a home, it is remarkable how few people actually understand what a mortgage is.

Once you have decided to buy your first house your goal is not only to find the best rates but also to find the best mortgage to suit your circumstances and plans for the future. It is a good idea to sit down and write out your plans especially if you are planning to buy the house with a friend or partner.