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Why a 15-Yr Mortgage is Better than a 30-Yr Mortgage

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Pay it off faster Many people prefer making only 180 payments to pay off their homes in half the time. Get a lower rate on a 15-yr mortgage Lenders offer lower rates on shorter loans because they assume less risk. Save money on interest Lenders base the mortgage interest you pay on the principal balance and interest rate. Force you to save If you pay off your home in 15 years, you’ll own your house outright, leaving you with an investment.

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