15 vs 30 Year Comparison

If you want flexibility in your monthly budget then a 30 year loan will keep your monthly payment lower. A 15 year mortgage loan comes with a higher monthly payment, but you will usually get a better interest rate and pay for less in total interest over time.

From a lenders perspective, there is less rick with a 15 year loan since its paid off much faster. It is also easier to predict market conditions over 15 years compared to 30, which is why lower rates are typically offered.

Absolutely - you can make extra payments toward the principal on a 30 year loan and pay it off in 15 years. This gives you the flexibility of a lower required payemnt, but you wont get the lower interest rate that comes with an actual 15 year loan

It can be harder to qualify for a 15 year mortgage. Since the monthly payment is hight, lenders take a closer look at your debt-to-income (DTI) ratio. A higher payment means your income needs to support it, or your existing debts need to be lower to qualify comfortably.