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A 15-year mortgage and a 30-year mortgage are two different options for homebuyers when it comes to loan terms.
Benefits of a 15-year mortgage:
Lower interest rate: 15-year mortgages typically have lower interest rates than 30-year mortgages. This means that borrowers will pay less in interest over the life of the loan.
Faster equity build-up: Since the loan is paid off in half the time, the borrower will build equity in the home faster.
Lower overall cost: The total cost of the loan, including interest, is generally lower for a 15-year mortgage than for a 30-year mortgage.
Benefits of a 30-year mortgage:
Lower monthly payments: Because the loan is spread out over 30 years, the monthly payments are lower than they would be for a 15-year mortgage.
More flexible budget: The lower monthly payments can make it easier for some borrowers to afford a home.
Ability to pay extra on principal over time if they choose to
It’s important to note that both options have their pros and cons, and it depends on the individual’s financial situation and priorities.
