Choosing Mortgage Length

When you apply for a mortgage, the first issue you need to consider is the length of the repayment period. Simply put, how many years do you want to be paying on it? The usual answer is 15 or 30. It is important to note that a 15 year repayment period does not result in double the monthly payment of a 30 year loan. Yes, it is a bit more, but you will save tens or hundreds of thousands in interest paid.