There is no shortage of decisions to be made when applying for a new mortgage loan. You have to select a lender and decide between a fixed or an adjustable rate – and then you must make the biggest decision of all.
Paying on a mortgage loan for 30 years is typical, and in fact, many homebuyers assume they need to accept a 30-year mortgage term. However, this standard mortgage length is not written in stone, and you can choose to pay off your mortgage sooner with a 15-year loan.
Advantages of a 15-Year Mortgage
There are several benefits of a 15-year term: