This depends on how much you want to stretch your budget. If you can afford the higher monthly payments, a 15-year home loan usually comes with a better interest rate than a 30-year version. Not only will you pay off the house faster, but you can save a tremendous amount of interest. On the other hand, a 30-year home loan will cost less per month, allowing you to afford a bigger or nicer house, or one in a better location.
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