Question of the day: there are many different options when it comes to your mortgage plan. A fixed mortgage means that the interest rates remain the same throughout the life of the loan.
“These loans are the most popular, they represent 75% of all home loans“(Mortgagecalculator.org) These mortgages come in terms 30, 15, and 10-year plans. The most popular of these are the 30 years fixed option.
Even though a 15-year mortgage provides almost triple the paid equity in 5 years, so, in essence, you save a lot more with shorter terms, so my question is: why is the 30 years (the longest amount of time) option the most popular?