Should You Take Out a 30-Year, 20-Year, or a 15-Year Mortgage?

Should You Take Out a 30-Year Mortgage or a 15-Year Mortgage?

When applying for a home loan, one of the primary questions you must answer is whether to choose a 15-year, 20-year,  or a 30-year fixed mortgage. All three options have their merits and flaws, and with interest rates at near historic lows, it is an excellent time to apply for or refinance to a 15 or 30-year mortgage, or even the less common but very sensible 20-year mortgage. Rates are great, but which is the best option? Not surprisingly, it depends on your personal goals and your financial situation. (more…)

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