Question. I bought my first home in the early 2000s when interest rates were much higher then now, and got a fixed, 30 year loan for 6.25 percent. This is a small condominium unit. I am 50 years old and will need to work at least 15 years to be eligible for retirement.
For some time I have been wondering if I should consider getting a 15-year mortgage, as I do not want to be burdened with a mortgage in addition to condominium fees.
Assessing how and when to consider such a change is confusing to me. I would appreciate your advice on the advantages and disadvantages of the 15-year mortgage compared with the 30-year mortgage. “Click here to read full article.”