More and more people are choosing 15 year mortgages. Interest rates are at historic lows, and rates for 15 year mortgage tend to be even lower than rates on 30 year loans.
Some borrowers can refinance, keep their monthly payment the same, and save on interest costs. Their home loan gets paid off more quickly, and they come out miles ahead.
Should everybody switch to a 15 year loan? Not necessarily. Do the math and a little bit of soul-searching before you pull the trigger. The strategy seems to work best with people on solid financial ground. Often - but not always - they earn more, have less debt, and have a few gray hairs. Amy Hoak describes how a 15-year mortgage isn't for everyone.
You can always pay a loan off ahead of schedule. If you don't want to commit to a 15 year mortgage, design your own program and prepay when you can.
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