Why would anyone do a 15-year fixed mortgage? Well for starters, You generally pay a lower interest rate with a 15-year loan. You will pay less interest than you would with a longer-term loan and build equity quickly. But don't forget, Your payments will be higher than those on a 30-year mortgage. Typically I would recommend going with the 30 Year Fixed and just paying more than your required payment which may result in you paying off your home in less than 15 years. If you would like a customized mortgage plan that will help you better understand these options please feel free to contact me.

They vary, depending on the goals of the borrower. For starters, Its typically a lower rate. It also save hundreds of thousands in interest over the life of the loan. the downside is that you're locked into that larger payment.. For most, taking a 30 year mortgage and paying extra when available is the way to go.

The 15 year fixed mortgage is best used by people who can handle a larger payment and their goal is to payoff their mortgage. The rates will average about .5% less than a 30 year fixed. If you can handle the payment without stretching your budget or requiring you to change your retirement goals I would suggest a 15 year fixed evry time. Everyone has unexpected bills which come up and if the 15 year payment still allows you to meet these unexpected events then the 15 year will save you thousands of dollars and time.

The rate will be lower and you will be able to pay your mortgage faster, which means you will save a lot on not paying extra interest.

There are several reasons why a 15 year fixed mortgage might be right for you. If you are within 15 years of retirement and you opted for a 15 year fixed loan your home would be paid off upon retirement and you wouldn't have that large expense to pay monthly on a fixed income. You would have more discretionary income available to enjoy your retirement.Another great reason is that you would save thousands of dollars in interest in comparison to a 30 year loan. A possible downside to this would be that you would be obligated to pay the higher 15 year payment every month. If you were to choose a 30 year fixed loan you would have a lower monthly payment and have the option to add more money to your principle when the time is right at your convenience.