Owning a home is a goal for many people. It is the American Dream and can be a great asset in building wealth and becoming financially secure. A majority of buyers need to take out a mortgage to purchase a home. There are many choices and terms for financing when it comes to buying a home.
The period time chosen for a home loan is often either a 15-year or 30-year mortgage. Both of these have their benefits. A large majority of financial sites you will read are proponents of a 15-year mortgage. This can be advantageous, but I am a big supporter of a 30-year year mortgage payment. There are a number of reasons it is many times a better choice in the world we live in today.
This podcast episode I review the pros and cons of a 15-year mortgage compared to 30-year. You might be surprised why a 30-year option is better for a majority of buyers.
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