With mortgage rates at historical lows, one of the questions that we face from homebuyers and those looking to refinance is which is better: a 15 or 30 year mortgage?  The answer to this question is - it actually depends on the person and their life goals.  The following comparison will give you quick reference points on which one is best for you.

15 Year Mortgage Pros:

• Total costs of home ownership could be lower
• Build equity on home faster
• Interest rate would be lower

15 Year Mortgage Cons:

• Higher monthly payments
• Possibly more of your money tied up in home purchase

30 Year Mortgage Pros:

• Lower Monthly Payment
• Afford more home

30 Year Mortgage Cons: