Choosing the right mortgage is one of the most important things to do during your home buying journey. However, choosing the right mortgage can also be one of the more confusing things that you will do. This is why it is extremely important that you know both the benefits and drawbacks of 15 year and 30 year mortgages so that you can make an informed decision.
Below you’ll find an infographic that explains the main benefits and drawbacks of both types of mortgages to make it easy for you to choose the best mortgage for you. Those looking to pay off their home quickly with less interest will most likely favor a 15 year mortgage, while those looking to make other investments while paying off their mortgage will most likely choose a 30 year mortgage. Take a look at the infographic below to weigh the pros and cons of each type of mortgage.