I just recently bought a new home and I opted for a 15 year mortgage over a 30 year mortgage several reasons.

I just recently bought a new home and I opted for a 15 year mortgage over a 30 year mortgage several reasons. To illustrate, the 15 year mortgage allows me to pay my home off sooner, build equity faster, and allows me to be mortgage debt free. Secondly, my interest rate is a lot lower because my loan does not pose as a risk to my current lender. I am 36 years of age and I figured if something was to happen to me after 15 years my 8 month old son will have a piece of property that he owns.