15 year vs 30 year mortgage?

Lower Payment or Shorter Payback?

This is a tough one. In today’s economy everyone is looking to reduce their monthly expenses. You really need to take a hard look at you short term and long term goals to answer this question effectively.

Get your mortgage loan quotes for both 15 year and 30 year. Compare the payments and decide whether or not you could afford the higher payment and shorter term. Obviously you will save a ton in the long run by paying off your mortgage in half the time. Find other expenses you can cut back on if possible. Most mortgage loan companies in Tampa Fl will help you review several options and show you the potential savings you would have by going with a shorter 15 year mortgage.

In summary. Do the 15 year mortgage if possible. However, if you cannot afford the payment now you can always refinance when you are in a position to make the higher payments. If the difference between the two payments are not substantial, look for other expenses to cut so you can handle the 15 year payments.