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15 year vs 30 year mortgage – which one is better? Unfortunately, the answer is not that simple. If it was just a matter of comparing the interest rate vs the rate of return you can get from investing the difference then the answer would be obvious…but there is a lot more that comes into play.
There are many reasons that I personally choose a 30 year mortgage over the 15 year – Here are a few:
Flexibility – What a 30-year loan gives you that a 15-year loan doesn’t is flexibility. You can pay it off over 30 years and invest the difference…or you can pay it off in 15 years, it doesn’t matter. The advantage of doing this is that it gives you more leeway with your payments.
Investing for growth – the opportunity for you to accumulate much more money and grow your wealth lies in the investing side of the equation. Yes, paying off your mortgage is a risk free rate of return, but investing for growth over the long term provides a much great opportunity.
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To Becoming Great with Money,
Rich McCormack, CFP®
www.schoolofpersonalfinance.com
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