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What are pros and cons of a 15 year loan vs. a 30 year loan?

April 26, 2017cons loan pros vs year

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What are pros and cons of a 15 year loan vs. a 30 year loan?

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A 15 year loan will have a lower rate and higher payments then a 30 year loan. If you can afford it, a 15 year loan is great since you will build up equity quicker and pay the loan off sooner and save thousands of dollars in interest. However, this is not an option for everyone.