Which Is Best? 30, 15 or 10 Year Mortgage

Who is a good candidate for a short term mortgage?

If you have stable, predictable income and you know that you can pay the higher payment without issue on a monthly basis, this may be a great option for you. Not everyone is interested in paying off their mortgage early, as there are some advantages to paying on a home that people tend to hold on to. Or maybe you have other goals and paying off your mortgage isn’t one of them at this point. If this is you, a shorter term may not make sense for you. However, if you can’t wait to bask in the freedom of a mortgage-free existence, consider these shorter-term options heavily before stepping into a 30-year fixed.

Regardless of the term, make sure that whatever you choose, you can afford. Keep your head on straight when purchasing your home and make sure it is the best investment for you.