I'm often asked the question if a homeowner should get a 15 or 20yr loan or stay with a traditional 30yr loan. My answer depends upon the homeowner. Most times I advise to go with a traditional 30yr loan and schedule additional payments through out the year. But if you have a choice between keeping money in savings or making an extra payment, keep a rainy day amount in savings then if you have extra, pay down your mortgage. This advice changes if you don't plan on making a long term commitment. Check out this article to research your options and see if extra payments would help you.
Will biweekly mortgage payments save you money?
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