A 15-year fixed-rate mortgage is often preferred by borrowers who wish to pay off the mortgage faster, and typically a 15-year fixed mortgage has lower interest rates over a 30-year fixed mortgage. There are many advantages to this loan type. When comparing a 15-year fixed over other loan products, the real appeal is to have a shorter path to full homeownership or building equity by paying down the principal balance quicker.
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If you can afford a much higher monthly payment to free yourself of a longer-term mortgage, you can save thousands if not tens of thousands of dollars in interest. To make a 15-year mortgage work for you, you will need a reliable income and enough money left over to cover other expenses to qualify.
It would be best if you also considered how long you would be living in your home. It can make a big difference in whether a 30-year or 15-year mortgage is the best decision. If you plan on living in your home for a short time, then a 30-year mortgage loan may be a better option. Although this should not deter you from a 15-year fixed mortgage if building equity in your home is your goal. If you plan on living in your home for longer than 15 years, this loan might make more financial sense, thus saving tens of thousands of dollars of interest.
If your income is uncertain or variable, such as commissioned income that fluxgates month to month, then this type of loan product may not be suitable for you. The monthly payment obligation may become too much for you to afford.
If you have a hard time saving for retirement, paying off your mortgage earlier could put all your money in equity of the home. Though it is possible to borrow against your home with a home equity loan or line of credit, you will still have to pay interest on what you borrow.
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