A question that comes up quite often, especially from those looking to buy a new property, is whether to go with a 15-year or 30-year term on their mortgage. While some folks prefer one over the other, it’s not always an obvious choice, whether you’re a new or seasoned real estate investor — or whether you’re an owner-occupant or not.
For the lender, both of these options have pretty clear benefits. With the 15-year term, the loan is paid off quicker, and with the 30-year term, they receive more in interest payments over time, at a higher rate.
But as the real estate investor, how do you decide which option is best for you? And what factors play into this decision?
What’s Better for Auburn Investors – a 15-Year or 30-Year Mortgage?
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