The Great Mortgage Question: 15-year or 30-year Financing?
Posted by Richard Soto on
When it comes to financing your new home, one of the most important (and often sleep-ruining) decisions you will have to make is whether you should go with a 15-year or a 30-year mortgage. What makes the decision so agonizing is knowing that both forms of mortgage come with significant pros and significant cons. And while only you can make the ultimate decision that makes you comfortable, it pays to know these pros and cons well before you decide. And, hopefully, get some good sleep.
Advantages of a 15-year Mortgage
The most obvious advantage to a 15-year mortgage is that you will pay it off in half the time. And there’s nothing like outright owning the place you live. Another distinct advantage, if you qualify for a 15-year plan, is that interest…
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