A Shorter Term Mortgage
For many people, applying for a shorter term mortgage makes sense. More and more these days, I see people looking for 15 and 10 year mortgages. Why? Well, one tends to get a lower interest rate because the lender has less risk since you are paying the money back faster. There are also major savings on the total interest for the same reason. The downside, of course, is the monthly payment is going to be a bit more. That being said, there are also other times you should avoid a short term mortgage.