30-Year Mortgage or 15-Year Mortgage?

How to Decide between a 30-Year and 15-Year Mortgage

When buying a new home or refinancing an existing home, one of the many decisions that must be made is what kind of mortgage you’re going to get. With that decision, is the option of term – or the length of your loan (ex: a 30-year loan has payments spread out over 30 years). For most borrowers, this means choosing between the ever-popular 30-year or 15-year fixed-rate mortgage.

Before you decide what term is best for you, make sure you weigh the pros and cons of each to determine which option is right for your personal financial situation.

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