In other words, choosing between a 30-year or 15-year mortgage
Peyton Manning about to go long. (Photo by Doug Pensinger/Getty Images)
Making decisions on how to pay off your mortgage can seem more stressful than playing quarterback in the pocket sometimes. New rules have made the process more complicated than ever, but with proper guidance and support, you can feel confident in choosing the right plan.
The rate difference between 30-year and 15-year mortgages has widened by about 0.75% up to a full percentage on average, making the shorter-term interest rate look much more attractive to homeowners. If you are aiming to live debt-free by retirement, opting for a 15-year mortgage can be a great way to accomplish that goal.
But take a long look at your finances before signing up for payments you can't afford. Keep in mind investments and other expenses you may have down the road to avoid getting underwater on payments.
Ask yourself these five questions to manage your mortgage plan as successfully as Peyton Manning covers the field.
http://www.usatoday.com/story/money/personalfinance/2013/11/07/30-year-15-year-mortgage/3446437/
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