Who should consider a 15-year mortgage?
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The 15-year fixed rate mortgage is most popular among younger homebuyers with sufficient income to meet the higher monthly payments to pay off the house before their children start college. They own more of their home faster with this kind of mortgage and can then begin to consider the cost of higher education for their children without having a mortgage payment to make as well. Homebuyers who are more established in their careers, have higher incomes, and whose desire is to own their homes before they retire may also prefer this mortgage.